Cullum Capital Ventures invests in Norwich broker
Cullum Capital Ventures (CCV) has taken a minority stake in the general insurance business of Norwich broker Smith & Pinching.
The business, with a GWP of £13m, has a sizeable household scheme portfolio as well as a significant book of commercial and personal lines business, and represents about one third of the Smith & Pinching Groups business portfolio.
Tim Johnson, chief executive of CCV, said: “We have taken a strategic investment in Smith & Pinching, a deal structure which works well in partnership with the existing management team as well as ourselves. This is an excellent business and our ability to create a bespoke arrangement was a critical part of the transaction.”
David Hughff, managing director of Smith & Pinching, added: “In allowing a stake to be taken in our general insurance business it ensures that trading alliances and partnerships remain strong and of mutual interest. I am pleased to welcome CCV as a shareholder as well as a trading partner.
"This alliance will take Smith & Pinching’s general insurance business forward for the foreseeable future in both underwriting terms and financial strength, while using a very strong existing local brand.”
Peter Cullum, chairman of CCV, is delighted with the latest member of the growing family: “While we approach every deal on its merits, I have to confess that making an investment into a company based in my home city makes this deal particularly special.
" I have known the senior management team at Smith & Pinching for a number of years and they have an excellent track record and strong local presence. I am looking forward to working with them in the future as we look to expand our reach in East Anglia.”
As this is a minority stake there will be no change in control. Not only will all staff will be retained in the current premises but Smith & Pinching will be seeking to expand.