Green buys specialist marine broker Collidge

I stock 157485691

Specialist marine broker Collidge & Partners has been acquired by Green Insurance Group, the Bexhill-based broking firm. Greens was itself acquired by GRP’s retail broking division in June 2017.

Margate-based Collidge specialises in insuring narrowboats and canal boats in both the UK and in Europe. Annual GWP is £1.1m. The consideration is undisclosed.

Duncan Coleman, managing director of Greens, said: “This is a significant acquisition and we fully intend to help Collidge develop into other sectors within marine, including pleasure craft, chandlers and marinas.”

Coleman said Collidge & Partners will keep its name, and all staff will stay on after the acquisition. He expects to invest in new IT and enhance the schemes proposition, as well as seeking growth through cross selling, hand in hand with Green’s existing personal and business insurance capability 

He added: “This latest acquisition follows two other recent purchases: Robert Nott & Partners (Bexleyheath), a £6.5m GWP broker with a taxi specialism, and Viking Insurance (Hastings), a £1.5m GWP provincial broker. We are delighted with all three acquisitions, which will add considerably to our planned building up of the GRP regional hub in the South East.”