Broker adds £7.6m GWP with acquisition of Redditch broker
Broker Oval has made its twentieth acquisition, increasing its presence in the Midlands still further with the purchase of Martin and Pethard and its associated company, Premier.
Martin and Pethard is the longest established broker in Redditch with a comprehensive spectrum of clients across various industries.
Premier is a specialist broker dealing with the provision of insurance protection for social clubs.
The combined GWP for both businesses is £7.6m.
Oval’s West Midlands offices now have a combined turnover of £9m, making Oval a dominant insurance broking and financial services group in the region, the broker said.
Martin and Pethard’s managing director, Peter Westwood, said: “Over the past three years there has been a significant change in the UK insurance market, which has made it very difficult for small independent brokers to compete.
"We therefore decided to join forces with a larger firm. As part of Oval our clients will continue to receive the highest level of service and now they’ll also benefit from Oval’s strength and buying power in the marketplace.”
Peter Beddis, Oval's regional managing director in the West Midlands, said: “The Martin and Pethard and Premier businesses have a strong reputation for client service. We are delighted that they have become part of the Oval West Midlands region.’