’This increased investment will help back Beam with their future deals,’ says statement
Beam Insurance has strengthened its partnership with The Broker Investment Group as it looks to fund its ambitions for further acquisitions.
A statement published earlier this week (27 March 2023) said The Broker Investment Group had upped its stake in the Midlands-based business to 49%.
It came after Beam acquired Andrew Phillips Insurance Brokers in February, with the broker aiming to reach up to £25m in gross written premium (GWP) by the end of 2025 – up from £13.75m.
The commercial insurance broker also has two further acquisitions in the immediate pipeline, while it is in ongoing discussions with several other insurance brokers.
“With a strong pipeline of future Beam acquisitions, this increased investment will help back Beam with their future deals, becoming a true Midlands acquisitions hub,” a statement added.
The increased investment in Beam also elevated the business to “plus” broker status with The Broker Investment Group – the group will now provide additional services and support in areas such as compliance, marketing and accounting alongside a bespoke professional development academy.
Dave Clapp, chief executive of The Broker Investment Group, said: “Beam Insurance are a fantastic business, with a first class leadership team and knowledgeable staff, so we are really pleased to be further consolidating our long standing partnership with them.
“Their impressive organic growth to date is testament to their expertise and high levels of customer service.
“They remain in full control of the business, but can lean on The Broker Investment Group when they see fit for any advice on strategy, hands on support for systems or joint funding for acquisitions.
“We look forward to continuing our partnership.”
’Straight forward proposition’
Beam employs 35 people across three offices in the midlands.
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It specialises in the construction, property, accountancy and manufacturing sectors.
Managing director David Johnston said he was “delighted” that Beam had deepned its partnership with The Broker Investment Group.
“Our proposition to potential acquisitions is straight forward,” he added.
“We have no plans to change the brand, branch locations or the staff – simply to use the combined increased buying power and insurer capacity to deliver better insurance solutions to our clients.”
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