The deal is a ‘great tactical move’ to push the business forward in the agricultural market, says broker boss

Daulby Read Insurance has acquired Cheshire-based broker Hornby Snape Insurance Services.

Located in Chelford and established nearly 20 years ago, Hornby Snape operates an agricultural book of business.

As part of the transaction, Hornby Snape’s Chelford office and all the broker’s team will be retained. The business will also continue to operate under the Hornby Snape brand and be led by managing director Phil Hornby.

Daulby Read has developed its acquisition pipeline into fruition over the past 12 months. It bought Townsends Insurance in November 2020, followed by Much Ado About Insurance in June 2021. Hornby Snape is, therefore, the third Bravo Networks broker member Daulby Read has purchased in under a year.

GWP boost

Peter Goddard, managing director at Daulby Read, said: “Expanding so rapidly during lockdown has been no mean feat, but what I think it demonstrates is that there is a significant appetite for a more personal exit option.

“We’re looking to offer an alternative way and being part of the Bravo Networks community is really useful to allow us that networking space where we’re able to have those honest conversations with our peers.

“We’ve seen the Townsends business grow by 30% over the past year, which is hugely encouraging, and I’m excited to see the impact we can make together with Phil and the Hornby Snape team in the coming months and years.

“Not only is this a business we have long admired, but it’s also a great tactical move for us to be able to push forward in the agricultural space as well as growing our geographical footprint.”

Daulby Read’s latest purchase will see the business grow its overall gross written premium (GWP) to around £7m – up from £2.9m in early 2020.

Hornby added: “Peter and the team at Daulby Read very much share our business values of offering that personal customer service, which is crucial to our brand.

“I was extremely keen that if we were to sell, it would only be to the right business [that] would protect our people and our name - that’s exactly what we’ve achieved with Daulby Read.

“I’m excited to see what the future holds as we move into 2022.”