General insurance subsidiary of Julian Hodge Bank adds £9m premium
ProtectaGroup has acquired Hodge Insurance Brokers, the general insurance subsidiary of Julian Hodge Bank, in a multi-million pound deal.
In its 11th successful acquisition, South Wales-based ProtectaGroup has bought the entire issued share capital of the Welsh Insurance firm.
Hodge Insurance Brokers has a sales turnover of £9 million and a portfolio of high-net worth clients, many of them located in the City as well as overseas. ProtectaGroup will build on its new relationship with the Bank to provide it with alternative insurance services over future years.
Paul Ragan, group chief executive of ProtectaGroup, said: “The acquisition of Hodge Insurance Brokers is an exciting move that will catapult us forward in terms of us achieving our ambitious growth plans and recognition as a new consolidator in the UK general insurance sector.
“This is our 11th successful acquisition – and interestingly eleven times bigger than anything we have completed in the past. Unlike many other consolidator models already out there, we remain 100% privately owned and boast a 50/50 split in respect of both personal and commercial insurance.
He added: "This acquisition confirms our dominance in the commercial insurance sector – something that we have been working hard to achieve over many years.
ProtectaGroup now has a total of 140 staff and will project a brokerage and sales turnover of circa £9m and £35 million respectively for the forthcoming 12 months.
Ragan concluded: “This acquisition complements our existing commercial workforce, strengthening our competitive edge in professional indemnity, construction, motor fleet, liability, contractors all risks, motor trade, commercial combined and commercial property especially. We also offer a strong Risk Management service.
“It is a key strategic acquisition for the group that will see our commercial insurance division grow to 45% of our overall business.”