Broker wants to grow organically and through acquisitions
Brokerbility Holdings Insurance Brokers is planning to more than double the amount of gross written premium (GWP) it controls to £100m in five years.
Brokerbility managing director Ian Stutz said the broker, which currently controls around £42m GWP, was also in talks to acquire a broker before the end of the year – taking its GWP to £50m.
He added that the broker saw an opportunity to continue growing as an independent broker organically and through acquisitions, as a result of consolidation in the market and regulatory pressure pushing smaller brokers to sell.
“We have ambitions to grow our business. As the distribution landscape changes we have even more strength in the independent model within our group.
“We are not concerned about geography. If we can find a good quality independent broker we are happy to operate it out of its offices. That’s the direction and we are fairly confident we will see activity before the end of the year in terms of acquisition.”
The split of Brokerbility Holdings Insurance Brokers’ business is 90% commercial and 10% high net worth. The broker has around 175 staff.
In June the founding member of the Brokerbility network, Brett and Randall, was rebranded as Brokerbility Holdings Insurance Brokers.
The rebrand also saw the Enderby-based commercial broker join forces with O’Connors, in Northampton, and Fehnerts, in Market Harborough, under the new name.