Four new acquisitions push group’s controlled premium closer to year-end target
Brokerbility Group is to focus on the South East after moving closer to its £400m year-end target with the recruitment of four new members.
The fast-expanding broker alliance has now surpassed £300m in gross written premiums and has completed its growth in the East Midlands and North East regions.
It is set to hit £400m GWP by the end of the year.
The latest brokers to join Brokerbility are: Cooke & Mason of Retford, Nottingham; Barnett & Barnett in Isleworth, Middlesex; IFM Insurance Brokers in Sheffield; and Sagar Insurances in Accrington.
Brokerbility managing director Stuart Randall said the group was now targeting brokers in East Anglia and the South East.
He said: “We have a lot in the pipeline and all being equal we should hit £400m by the end of the year. A number of brokers are at advanced stages of negotiation with the group.”
On the East Anglia region, he said: “We are talking to four or five brokers, all valued between £15m and £20m GWP, and we hope the region will be valued at around £80m by the end of the year.”
He also said that talks with larger brokers in the South East were going well. He said: “We are in talks with four brokers in the South East, they are all very advanced. It’s hoped that by the end of the year the region will be up to £100m.”
The group currently consists of 25 brokers, and Randall said he is taking one region at a time.
He said: “We have four regions at the moment and we hope to have completed our business in these by the end of the year. Where we go from here we will have to consider.
“The integrity of the group is the most important thing. We are something different; we are not in a rush.”
Randall said the group was targeting the North West, but remaining cautious in its approach. “We are careful to approach only brokers that we feel fit with our parameters and shared values. And getting to know who those brokers are takes time,” he said.
The Brokerbility Group was launched in January 2006 by Leicester-based Brett and Randall, Derby's Franklands, and Nottingham-based Hawthorne Parkes.
Its brokers share the same ambitions and demographics to form a “non-prescriptive organisation”. They remain independent and in control of their own future.