THB looks to Lloyd's acquisition as it focuses on London market
THB is gearing up to spend as much as £30m to acquire a Lloyd's broker as it looks to capitalise on the sale of its provincial retail operations.
Last week THB sold its retail broking division, THB Clowes, and its independent financial advice arm, THB Financial Services, to Towergate for £10.95m.
Vic Thompson, THB Group chief executive, told Insurance Times that the sale would provide additional funding to facilitate further expansion. This could include a move into the international reinsurance sector.
Expansion, he said, would be achieved through a two-fold approach, by supporting existing operations Thompson Heath & Bond, THB Risk Solutions and THB Risk Management, and through acquisition.
He said: "We will look to strengthen [our existing operations] in terms of new teams. But, we are also in a position to look at acquiring a £20m to £30m purchase on top of that.
"Clearly that sort of deal needs to be sorted out correctly over time, but that is where we see the major thrust, finding a suitable acquisition target."
Thompson added: "THB could not see how it could effectively grow in the provincial retail area, so therefore we are happy to release the cash to enable us to expand, and the most likely area is clearly in the London market."
THB equestrian deal
THB Group is set to sell its UK retail equestrian business to broker KBIS.
The proposed plan would see THB British Equestrian's UK retail business move under the KBIS banner
THB British Equestrian would remain as the leading broker for association business, including high profile accounts such as the BSJA, British Dressage and Pony Club.
