Despite the advantages of consolidation, Bruce added that this is still viewed negatively within the broking sector
In June, Partners& chief executive Phil Barton and chairman Stuart Reid told Insurance Times that the multiples now being paid to acquire small and growing brokers are beginning to damage the broking profession. Mike Bruce, GRP’s new group chief executive, however, disagreed with this outlook.
He said: “There’s always a lot of misinformation and bravado around multiples, but I don’t believe the multiples have changed materially in the last couple of years.
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