CCV confirms Scottish acquisition

Cullum Capital Ventures has confirmed its acquisition of Scottish broker Moray Firth Insurance Brokers, as revealed last week by Insurance Times.

Based in Inverness and Elgin, it is CCV’s first acquisition in Scotland. The business has a GWP of £3.5m and has built a strong reputation servicing the local commercial business communities.

CCV chief executive Tim Johnson said: He “Moray Firth is a well established business with an excellent local reputation. We look forward to working with them to grow their business and seek further acquisitions not just in the Highlands but across Scotland.”

This acquisition moves CCV total GWP to around £240m and is it’s 34th acquisition in two and a half years.

Duncan Scott, managing director of Moray Firth added: “The CCV philosophy fits well with the needs of both our customers and staff. We considered a number of options for our business and felt that CCV was ideal for both customers and staff, and equally importantly the ongoing development of the company.

CCV’s executive chairman, Peter Cullum welcomed CCV’s latest acquisition. “In Moray Firth we have added another well established, quality business, to the family," he said. "Our strategy of acquiring and investing in good quality regional brokers continues at a pace and we have a number of significant deals already undergoing due diligence or in our sights over the coming months.”