Broker group buys top five Scottish broker to create Glasgow hub
Oval has further bolstered its presence in the Scottish market with two acquisitions this week.
The move is likely to be followed by further purchases in the region, the broker said.
Glasgow-based Cuthbert Service & Jackson (CSJ), recently rated as a top five Scottish broker, is the latest firm to join the Oval Group, Insurance Times has learned.
Oval Group chief executive Phillip Hodson, said the deal would "help to create an £8m hub in Glasgow for Oval".
CSJ reported a turnover of £2.6m in 2006, with profit before tax of £1.6m.
"We deem CSJ to be a first class business," Hodson told Insurance Times.
"There are a lot fewer brokers in the market because so many want to sell to insurers.
"But this does not create a problem for us because we are looking for businesses that will fit out corporate client model."
He added that CSJ "had to be enticed to sell" to Oval.
The deal comes in the same week that the broker announced the acquisition of Senior Wright's retail book of business in Aberdeen.
The business focuses on construction and fish farm cover.
Jim McAuslan, divisional director of Oval in Scotland, said the broker would now be looking to recruit staff in the coming months.
Oval, which has already acquired Glasgow-based Service Miller and financial adviser Futurity in the past six months, said there were plans for a further acquisitions in Scotland.
Hodson said there were six acquisitions in the pipeline in England, with plans for South, South East, and North West.
By the end of its financial year Oval's broking operations is likely to exceed £350m gross written premium.