Broker group seeks growth in the regions
Broking group Norman Butcher & Jones is on the hunt for acquisitions to build its regional broking business.
Director Mark Treasure said: “NBJ UK has grown steadily both by a traditional approach – our new business team finding us clients – and by acquisition of smaller brokers or books of business.”
NBJ UK recently reported revenues of £2.6m for the year ended 30 June 2007, up from £2m in the previous year.
Meanwhile parent company Norman Butcher & Jones, which joined broking group Brokerbility earlier this year, reported a 7% increase in turnover for 2007. Revenues rose to £6.3m for the year from £5.9m in 2006.
But pre-tax profits for the group, which also includes a Lloyd’s broker, fell 33% to £397,400 in 2007.
The company said it had taken the opportunity to write off certain restructuring costs within the year and that its balance sheet had strengthened to a net worth of £2m.
Treasure said the group would look to build the Lloyd’s broking business through hiring new people. “Our Lloyd’s broker is relatively niche with wholesaling aviation, specialist liability and contingency, and motor fleets.
“We are looking to build on that expertise with either teams of people or individuals who can complement what we do.”
He added: “We view our recent joining of Brokerbility as an opportunity to see how we might offer London market expertise and service to other members of the group.”
With the addition of Norman Butcher & Jones, Brokerbility now controls a total premium income of just under £400m.
In recent years regional broker NBJ UK has acquired County Insurance Brokers, Donald MacIntosh and GC Stevens and Co.
In October last year it purchased a high net worth household book from THB’s Lloyd’s broker.