Broker plans to double income with multi-million pound acquisition war chest
Newly-formed broker Cadogan Hanover Park (CHP) is targeting a top 10 UK regional broker spot by the end of 2007.
Speaking to Insurance Times at the official launch of the new broker, managing director Steve Brindley said the company planned to double its premium income to £400m in 18 months and had a multi-million pound war chest for acquisitions.
CHP was formed following the takeover of Hercules Property Services, which owned property brokers Deacon and Cadogan, by Erinaceous, parent company of Hanover Park, last year.
Brindley said CHP's merger plans included the purchase of a commercial property book worth £10m.
Erinaceous will operate the CHP brand from its London and Croydon offices which will specialise in property and commercial lines.
It will also create two further CHP divisions - Bournemouth-based Deacon and Lincoln-based HomeLet and LetPlan.
Deacon will specialise in small retail and household products, while HomeLet will specialise in tenant referencing and LetPlan in rent guarantee products.
"We are the new kids on the block," said Brindley. "The opportunity to grow is huge.
"We are driving for profit; the shareholders demand profit."
