The acquisition will ‘further strengthen the wider Ethos Broking group’ by creating London foothold
Ethos Broking has acquired London-based broker Chambers and Newman, bringing its number of regional hubs up to 13.
The purchase aligns with the business’s plans for expansion, as well as creates a foothold within the capital.
Chambers and Newman, which is approaching its 75-year diamond jubilee in business, has a strong commercial lines focus and handles in excess of £20m gross written premium (GWP).
The team of 21 staff, led by managing director Alan Smith, will all join Ethos Broking as part of the deal.
The broker will also remain in its Piccadilly-based office.
Richard Tuplin, Ethos Broking’s managing director, said: “Chambers and Newman are the ideal cultural fit for Ethos Broking and I am thrilled to welcome them as our 13th regional hub.
“The team are exceptionally skilled and have loyally served their clients for a great many years - I’m pleased we can invest in the legacy of this highly regarded brand and support Alan and the team in continuing to do what they do best.
“Their strong focus on property owners and bespoke in-house claims handling service makes their proposition unique in the market and further strengthens the wider Ethos Broking group.”
Alan Smith, managing director at Chambers and Newman, added: “We are delighted to be joining Ethos Broking, knowing that their client values and outcomes align with ours, especially being able to access products and facilities that will further benefit our range.
“These are exciting and challenging times for independent brokers and this deal gives us the support and investment necessary to develop our business well into the future.”
Despite Covid-19 affecting many business plans, Ethos Broking said its strategy remains unaffected by the pandemic, with a pipeline of acquisition activity scheduled throughout 2021.
Earlier this year, for example, Ethos Broking acquired Hampshire-based Headley Group.
Established in 2016 as an alternative to usual broking businesses, Ethos Broking handles a combined £301m GWP.