And also this week ...
Four more for CCV
Cullum Capital Ventures (CCV) has continued its acquisition spree after picking up four new brokers, and it expects “more of the same” in the coming year. The acquisition vehicle, owned by Towergate executive chairman Peter Cullum, has bought Ainsbury Insurance Brokers, C J Russell, Centurian Insurance Associates, and Knights Insurance & Investment. This takes CCV’s current deals for the year to 12, and pushes its total gross written premium close to £250m. Ainsbury was acquired under CCV’s partial ownership scheme, which has taken an 85% stake. The three other brokers have merged with existing CCV businesses. New chief executive Michael Rea, formerly chief operating officer of Towergate Underwriting, said the CCV has a “healthy pipeline” of acquisitions and strong capital backing.
Novae nabs property team
Novae has poached a team of underwriters from Equity Red Star to boost its property business. The team, led by Stuart Heath, includes a further four underwriters and one assistant. Heath, who will become unit head for the Lloyd’s insurer, had been at Equity for 23 years and has experience in household, commercial, personal accident and caravan risks in the UK and European market. He also held a seat on the Lloyd’s market association panel.