The broking giant continues to consolidate but there are still gaps in its portfolio
Oval’s purchase of broker Williamson Moore this week propelled the broker to over £300m in gross written premiums.
The buy was the broking giant’s 18th acquisition to date and its sixth acquisition in six months, giving Oval its first foothold in the south-east.
It has also given expanded Oval’s expertise in the property sector.
Recent months have seen Oval, formed in 2003, expand across the UK, with rapid moves into Scotland.
Last October saw Oval fulfil its Scottish dream by buying Glasgow-based Service Miller. The company’s first Scottish broker added £7m GWP to its business.
And five months later it announced the purchase of Senior Wright’s retail book of business, worth a further £1m GWP. The Aberdeen-based broker gave Oval an Aberdeen presence and a specialism in construction and fish farm cover.
But it was the acquisition of Cuthbert Service & Jackson, a top five broker in the region that gave Oval its biggest slice of the Scottish pie with £8m GWP.
Amongst all the Scottish activity came the acquisition of Bristol-based Torribles Insurance in November last year.
The move not only expanded Oval’s presence in the south west but it gave the company a focus in special risks such as firework displays and rock concerts. Oval had already purchased John Eke & Partners in the area in the previous year.
With a flurry of acquisition last year in the north and midlands (Sheffield-based Sheafmoor Brokers’ corporate insurance business and CWB in the Midlands), Oval has a good national spread. The exception is the north west of England, where it is noticeably lacking.
Could Manchester be the next city where Oval marks its territory?