Consolidator buys commercial broker in Taff Well.
Giles Insurance Brokers has made its fifth acquisition in Wales.
Commercial broker AGM Insurance, based in Taffs Well, South Wales, became the consolidator’s latest purchase in the country, following last month’s double capture of Paul Murphy Insurance Services of Ton Pentre and Hancock General Insurance Services of Newport.
Mike Jones, manager for Giles in Wales, said the country was one of a number of key areas where the broker is keen to grow its presence.
“We continue to source new opportunities in the area, which will add to our expanding portfolio and position us as a major player in the local and regional insurance market,” he said.
Giles has also expanded in the south of England after acquiring London-based Archibald Reid. In April, it acquired Kent broker Shephards Insurance and Surrey-based Sutton Barnard, but admitted it was still under-represented in the region.
Archibald Reid is a specialist in high-value household insurance, property owner covers and commercial combined business policies. lt has 11 employees and the acquisition takes the number of offices in Giles’ southern region to nine.
Mark Addis, director at Giles, said: “This acquisition will play an extremely important role in helping us strengthen our position in the local and regional market. We remain on the lookout for other opportunities in London and the South East and are sure there will be more to come in the near future.”
Giles’ branch network now consists of almost 40 offices across the UK.
The firm’s chief executive Chris Giles recently ruled out acquiring a network, but said he would consider setting up his own.