Giles Insurance Brokers has continued its consolidation drive with the acquisition of Ink Underwriting.
The purchase of the Essex-based underwriting agency will add approximately £25m gross written premium to the company’s business, increasing its size to £160m.
Ink Underwriting specialises in liability insurance for the printing sector. It is also diversifying into new industry sectors such as general liability insurance for the construction industry.
Insurance Times reported, in April, that Giles was set to make a £25m acquisition. (News 19 April)
The acquisition comes two months after the purchase of Wigan-based fleet and courier broker Kerwin Smith.
Giles told Insurance Times that the acquisition of an underwriting agency was always on the cards. “We said we would purchase an underwriting agency and it’s easier to buy an agency rather than set one up.”
The broker aims to reach £300m in premium income by mid-2009 when it will look to float.
The news comes as Ink Underwriting Agencies announced an acquisition of its own, purchasing Mill Hall Commercial Insurance.
Mill Hall, which specialises in the construction, cleaning, property and manufacturing sectors, controls £1m in premium.
