MBP takes minority share in £32m GWP agricultural broker

Minority Broker Partnerships (MBP) has acquired a minority stake in independent agricultural and rural insurance broker Caleb Roberts Insurance Services.

MBP, chaired by insurance entrepreneur Peter Cullum and led by chief executive James McCaffrey, will support Caleb Roberts as it looks to grow its £32m gross written premium (GWP) business over the next three years.

The broker, which is led by Hugh and Charles Campbell and Andrew Brock, plans to expand through a combination of organic growth and strategic acquisitions.

McCaffrey said: “We see a fantastic opportunity to help Caleb Roberts become an even stronger force in agricultural and rural insurance.

”Our role is to provide the capital, experience and strategic support to help great brokers achieve their ambitions without losing the identity and local relationships that made them successful in the first place.”

Rural focus

The deal marks MBP’s seventh investment in 12 months.

The existing management team at Caleb Roberts will retain control, with MBP saying ”its people, culture and strong local relationships remaining central to its future”.

Caleb Roberts employs 75 people across six offices and serves clients throughout mid Wales, Herefordshire and Shropshire.

Campbell said: “We’ve built a business we’re incredibly proud of, with great people, strong customer relationships and a reputation for understanding the communities we serve.

“But we are ambitious for the future. We see a real opportunity to build and develop by growing our existing business and bringing like-minded local brokers into the Caleb Roberts family.

“Partnering with Cullum and McCaffrey gives us the experience, capital and acquisition expertise to accelerate that growth while allowing us to remain in control of our own destiny. Just as importantly, our people, culture and commitment to our customers will remain at the heart of everything we do.”