The UK insurance broker sector is still showing all the signs of consolidation as companies continue to merge, acquire smaller brokerages or partner up with other niche specialists say in FNOL, claims or the legal sectors. Here’s the latest;
The Bollington Wilson Group has completed the purchase of Harrogate-based insurance broker Prophet Trade Credit Limited. Prophet have been trading since 2001, specialising in trade credit insurance, debt recovery and credit information. The deal adds six staff and over £4m GWP to the stable of companies now under Bollington Wilson ownership.
The latest news follows hot on the heels of Bollington Wilson’s purchase of North-West based commercial broker Ashgrove Insurance Services, with further acquisitions expected this year.
Paul Moors, CEO of Bollington Wilson, commented:
“This is a significant deal for our group as we expand the range of services available to our clients. Our strategy is to add complementary businesses to our group. Prophet is a perfect fit.
“Adding Prophet to the Bollington portfolio gives our corporate clients access to the trade credit insurance market and specialist advice on the full range of options when considering how best to manage their trade credit risks. It complements the existing products and services we offer to businesses of all sizes.
“We welcome David [Encell] and the Prophet team to the group and look forward to working with them.”
David Encell, MD of Prophet Group, commented:
“We are delighted to conclude this deal with Bollington, which is great news for our clients. We benefit from joining one of the largest independent insurance brokers in the UK, providing our clients with access to a wider range of products and services.
“We know that Prophet has a bright future as part of Bollington.”