Consolidator snaps up transport specialist.

Giles has defied the credit crunch by snapping up SBP, a £32m gross written premium transport specialist, in its biggest deal since private equity group Charterhouse handed it a £500m warchest in March.

The purchase, announced on Tuesday, follows the acquisitions of brokers Dickson and NG Insurance in the past six weeks. Chief executive Chris Giles hailed it as a “significant step” in the broker’s expansion plans.

Insurance Times recently reported that Giles has overhauled its senior management, with the departure of managing director Michael Quinn and distribution director Leo Gibbons (13 November, page 2).

Chris Giles said: “The acquisition of SBP is a very significant step in growing Giles’ presence in the transport sector and across Giles’ existing regional base."