Consolidators fear more similar situatons happening as restrictive convenants end
Former Powell Insurance Brokers managing director Eliot Powell has left Oval, less than two years after he sold his business to the consolidator. Managing director Jeff Herdman confirmed: “Eliot Powell has left Oval. He is passing on the business to the existing management.”
Oval acquired Powell Insurance Brokers in 2008. The business had a turnover of £3.4m and gross written premium of around £16m.
An industry source said: “All the consolidators are concerned about restrictive covenants coming to an end and people who had sold out now leaving.” The news comes just months after Oval sold back two of its broker businesses to vendors.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
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