M Wood Insurance Services bought by Morgan Financial Group
Morgan Financial Group has acquired M Wood Insurance Services, a long established insurance brokerage, based near Bridgend in South Wales.
M Wood has been trading since the early 1980s and has a reputation as a provider of niche commercial insurance products and services. All staff have been retained.
Retiring owner Pauline Wood said: "‘Having decided to retire from the business, we are pleased to the leave the company in such good hands. The Morgan Group shares many of our business and ethical principles and we are sure that the business will go from strength to strength.’
Steve Thorrington, managing director of the Morgan Group’s insurance broking activities, said: "We have been discussing this opportunity with the previous owners for several months and are extremely pleased that the acquisition has now been completed.
"We believe there are huge opportunities for M Wood Insurance Services within the Morgan Group structure, given that there are many synergies which the group will utilise and take advantage of over the coming months and years."
Morgan chief executive Simon Hall said: "This acquisition builds on the recent appointment of senior executive staff at our existing South Wales base and is one of several that we expect to undertake as we continue to expand our insurance broking business. We expect our South Wales broking operations to produce a premium income of £7 million over the next twelve months. The group has ambitious expansion plans over the next few years and is fully supported by its financial backers."
