The acquisitions showcase ’real options’ for brokers that don’t want to sell up to consolidators, says managing director
Movo Investment Group, the parent company of the Movo Partnership network, has acquired three commercial brokers – Reading-based Chiltern Insurance Group, FLS General in Essex and Kidd Insurance in West Lothian.
Together, the acquisitions bring an additional nine staff and £4.7m gross written premium (GWP) into the network.
FLS General will now trade as Movo Colchester.
Kidd Insurance, previously an appointed representative (AR) of broker network Momentum, will retain its brand name.
Lea Cheesbrough, managing director of Movo Partnership, said: “We are thrilled to have completed these three acquisitions – three very different but fantastic businesses, each with their own strategic priorities.
“For brokers looking for a way of growing their brokerage without selling out to the consolidators, we give them real options and an ideal home.
“We will help them to grow and to compete in today’s market – our success is built on their success.
“We’re delighted to welcome Chilton, FLS General and Kidd Insurance to the Movo network family and look forward to growing their businesses together.”
As part of the transaction, Movo joined with the existing directors at Chiltern to facilitate a management buyout (MBO).
Chiltern’s managing director Stephen Wallace-Madeley, who has been with the business for 15 years, will remain in his role under the broker’s new ownership.
Wallace-Madeley said: “We are very excited to join the Movo Group.
“Before deciding on a partner, we looked far and wide and felt that the core values that Movo [has] fit in best with what we are trying to achieve, which is to respect the role of independent insurance brokerages in the community.”
Established in 2019, Movo aims to reach 75 broker members and £65m GWP in 2022.