Buying activity continues as boss and staff of previous acquisition resign
Chief executive Michael Rea has added Darlington-based BIB Group to the CCV empire.
The group consists of the broking arm BIB Darlington, which controls £10m gross written premium, and BIB Underwriters, a specialist underwriting business controlling £20m GWP.
CCV chief executive Michael Rea said the new acquisitions would take CCV’s GWP to around £300m by the end of 2010.
He added that CCV aimed to be a top 10 UK broker, with a GWP of almost £500m, by the end of 2012 through acquisition and organic growth.
“In total, it’s an extra £30m of premium coming into CCV. We’re really pleased with it,” Rea said.
“There’s a real momentum to our acquisition activity. We have a very strong pipeline of businesses that we’re currently talking to and it’s testament to the model that we have.”
BIB Group managing director Martin Littleton said: “I am delighted that CCV has enabled us to secure the future of the business while enabling fellow director Peter Atkinson and myself to pursue our individual ambitions for the future.
“I am also pleased that we were able to do the deal with [CCV owner] Peter Cullum, whom I have known, and done business with, for many years.”
Meanwhile, a businessman who sold his brokerage to CCV two years ago has left to start up a new firm. Trevor Cox, has resigned from his consultancy role at Cox Lee & Co in Walsall to start Cox Risk Solutions.
A number of staff have left Cox Lee & Co, although it is not yet clear if they will be joining the breakaway company.
CCV bought Cox Lee & Co around two years ago. Former sales director at Cox Lee & Co, Stewart Potter, has been appointed managing director at the brokerage.