Three offices and 76 staff will join the Towergate Group
Towergate Insurance Group has bought East Anglia-based broker Waveney Insurance Brokers which will join the Cullum Capital Ventures East division of the group.
The purchase will see Waveney group managing director Graham Cook and schemes managing director David Malone move to Towergate with the business along with 74 other staff working across the broker’s three offices in Peterborough, Lowestoft and Norwich.
Waveney specialises in commercial insurance and is the UK’s largest provider of driving school and driving instructor insurance. The company also has expertise in offshore and energy risks.
Two subsidiary companies Waveney Insurance Brokers Commercial Limited and Waveney Group Schemes Limited are also included in the acquisition.
In its most recent set of accounts Waveney posted operating profits of more than £680,000 for 2011 (2010: £598,000) and turnover of £5.2m (2011: £5.3m).
Towergate Insurance Group chief executive Mark Hodges (pictured) said: “Waveney is a successful business with an impressive history. It is well known across the East Anglia region for providing specialist insurance at a local level. We are delighted to welcome Waveney into the Towergate Group and firmly believe that the business will add tremendous value to our broking operations.”
Waveney Insurance Brokers managing director Graham Cook said: “As a business with multiple specialisms, we spent a considerable amount of time understanding the opportunities for our business to thrive under future new ownership. As a result of joining the Towergate Group, we are confident that our collective expertise will strengthen our business, and enable us to enhance both our service standards and product offering.”
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