Purchase of Berkeley Alexander increases GWP to £160m
Cullum Capital Ventures (CCV) has announced its latest acquisition, with the purchase of Sussex-based Berkeley Alexander.
Berkeley Alexander controls gross weight premiums (GWP) of over £10m and specialises in the wholesale of general insurance products to the mortgage broker and IFA sectors through a base of 6,500 agents across the UK.
The move follows CCV's purchase of several of Lockton's retail divisions worth £40m GWP at the beginning of last month. In November, it made its 20th acquisition with the purchase of £20m GWP construction broker, Morgan Law.
CCV Chief Executive Tim Johnson said: "Berkeley Alexander is a long established business in its field. This moves CCV to over £160m of GWP and adds another string to our bow."
Ted York, Managing Director of Berkeley Alexander, added: "The CCV philosophy fits well with the needs of both our customers and staff. The improved access to products and markets will enable us to continue the growth of the business."
CCV’s Chairman, Peter Cullum concluded: "We have admired Berkeley Alexander for a number of years and I am pleased to have added a well established business with an excellent track record to the family. Our strategy of acquiring and investing in good quality businesses continues at a pace and we have a number of further deals in our sights for the first quarter of 2008."
