Denis Morgan makes statement to shareholders and members over speculation
Westinsure managing director Denis Morgan has released a statement following speculation that the Plymouth-based broking alliance is set to be acquired by The Broker Network.
Last week, insurancetimes.co.uk revealed that The Broker Network was set to conclude a deal for Westinsure following months of speculation.
Market sources confirmed that a £10m deal could be finalised this month.
In an email sent to Westinsure members and business partners on Wednesday, Morgan said: "Over the last 15 months, Westinsure has been the fastest growing network in our chosen market; having signed up 53 new members in 2007 and 21 members so far in 2008.
"We have now exceeded £250m GWP and are well on the way to hitting our 2008 target to distribute £300m.
"Our unique way of going about our business regularly produces plaudits from both members and Insurer partners."
Westinsure currently has around 140 members, controlling over £250m in gross written premiums.
“It is hardly surprising in a market, which is dominated by consolidation that rumours will circulate about a possible acquisition of the business.
He continued: "Westinsure will shortly post it's 2007 trading results which will demonstrate the strength of the business.
"Our considerable success has inevitably meant that Westinsure has received overtures from a number of parties and we have never made a secret of the fact that we are open to opportunities, which will benefit our members.
"It is therefore hardly surprising in a market, which is dominated by consolidation that rumours will circulate about a possible acquisition of the business.
"However the facts of the matter are that Westinsure is a plc with 38 shareholders, most of whom are broking members of the group.
Morgan concluded: "Our priorities remain with our shareholders and members and so, if we were ever to receive an offer to acquire the Group, our shareholders and members would be the first to hear of it."
He revealed the group added a new member on Thursday.