Rebranded Cox confirms talks with 40 brokers to assert its position in high streets
Equity Insurance, the rebranded Cox Insurance Services, is gearing up for a year-long buying spree in 2006 following the acquisition of two brokers this week.
The Neil Utley-led company confirmed it was in talks with at least 40 high street brokers and planned to expand its network from 56 to 100 outlets over the next 12 months.
Fareham-based Equity Insurance Services and Hinkley-based Croft Insurance brokers were named as the latest additions to the Equity fold.
Mike Hutton, managing director of broking at Equity, said he would reveal details in January of at least another seven acquisitions for which terms are currently being finalised.
The company will also be rebranding its outlets to the Equity Insurance Brokers name in early January.
Insure-shop in the Midlands and Yorkshire, Bennetts in the South and JMW in Northern Ireland will be phased out.
Hutton said: "The next year will see us aggressively expand within our key areas - the Midlands, Yorkshire, Northern Ireland and the South. We firmly believe there is still a place within local communities for the high street broker and we have ambitious growth plans for that part of the business."
Gross written premiums from Equity's high street broker network currently account for around £60m of the total business placed by the company.
Hutton added: "We think it is realistic to push for £100m a year in premiums over the next couple of years."
