It makes it Gallagher’s fourth acquisition this year
Gallagher has announced its fourth acquisition this year, as it acquires commercial insurance broker Pavey Group Holdings.
Pavey was established in 1971 and has offices in Torquay, Exeter, Holsworthy in Devon, and Highbridge in Somerset.
It will continue to be led by the broker’s managing director Graham Brown, and its existing director team.
Pavey includes a specialist team of advisers that run Cottagesure - a bespoke insurance scheme for owners of holiday homes and cottage complexes across the UK.
And its long-standing relationship with farming cooperative Mole Valley Farmers, has helped grow its involvement in the agricultural sector following the launch of Mole Insurance Services in 2014.
The broker’s 83-strong team of staff will become part of Gallagher’s retail branch network, serving customers from around 50 locations in the UK.
The acquisition will “significantly increase” Gallagher’s client reach in the South-West while adding “complementary expertise,” Michael Rea, chief executive in UK retail at Gallagher said.
And he added: “It will also strengthen our client offering in other key niche sectors.”
The acquisition follows Gallagher opening its new Ipswich office after it closed its Feering office on 30 November.
And in October Gallagher acquired Portmore Insurance Brokers.
Earlier in May it acquired Risk Services.
Great strategic fit
Rea continued: “Pavey Group is a great strategic fit for our UK business, as a long-established, commercially led, growing regional broker with a strong reputation for client service.
“We very much welcome Graham and the team into the Gallagher group and look forward to meeting the needs of South West businesses together.”
While J. Patrick Gallagher Jr, chairman, president and chief executive at Gallagher, said: “Pavey Group is a very well-respected firm with a complementary culture and mix of business that expands Gallagher’s presence in South West England.”
More compelling solutions
Brown added that the partnership will help Pavey’s Group create “even more compelling solutions for businesses” based in the South West and beyond.
He said: “Our scale and reputation locally, combined with Gallagher’s national and global reach, will create a winning formula for businesses seeking independent insurance advice and tailored programmes whatever industry or service sector they operate in.”
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