The firm is a ‘perfect fit’ for Newstead as it builds its market presence in the Birmingham area
Birmingham-based Newstead Insurance has acquired Crendon Insurance Brokers (Crendon).
Crendon, which was established in 2004, specialises in providing insurance for markets including construction, online retail, intellectual property (IP), data protection and cyber liability.
All Crendon staff will move across to Newstead and work from its office in Birmingham as part of the deal.
The deal has received regulatory approval for an undisclosed amount.
Newstead director Sarah Giles said: “We’re thrilled to welcome Neil and his team to Newstead.
“Crendon is a highly respected broker and will be a perfect fit for us as we seek to build our market presence in the Birmingham area.
“As well as our focus on organic growth, we continue to have an appetite for further acquisitions and welcome opportunities to talk to vendors should they be considering a sale.”
The purchase of Crendon is Newstead’s second acquisition since becoming part of Global Risk Partners (GRP) in 2021.
The firm’s first deal was acquiring broker Alford Burton in March 2021.
Crendon managing director Neil McLauchlan, said: “It was quickly evident from our discussions with Sarah that becoming part of Newstead was the right step for us to take.
“Sarah and the team share our ambitions for future growth, and this is also a great deal for our clients, as we will be able to offer them the benefits of being part of the wider GRP family.”