Bollington has today announced that it has completed the purchase of North West based corporate insurance broker, Watson Laurie Ltd. This is Bollington’s fourth acquisition this year and the transaction has already gained FCA approval.
Founded in 1988 by Andrew Crompton, and joined by Andrew Delves in 2008, Watson Laurie is a highly successful Chartered Insurance Broker. With its Head Office in Bolton, it specialises in Corporate Risks, Property and Construction, ECREF (European Commercial Real Estate Financing), Latent Defects Insurance, SME schemes and niches areas. Watson Laurie currently manages in excess of £25,000,000 in annual premiums.
“We are delighted to welcome Watson Laurie into the Bollington Group, as it is a company I have admired for many years. Andrew Crompton and I both started our careers at Sun Alliance as Professional Trainees so we have watched our careers and businesses develop. Watson Laurie is established in the North West as one of the most innovative and professional corporate insurance brokers, with a track record in developing niche areas and professional connections’ said Paul Moors, Group CEO of Bollington.
“With its suite of specialisms and first-class reputation among clients in the UK marketplace, it makes an excellent addition to our expanding group”
Andrew Crompton, Managing Director of Watson Laurie, who will also join the main board of The Bollington Group (Holdings) Ltd, added ‘’Completing this deal is great news for both parties. Watson Laurie is now part of a fast-growing and diverse group that is nationally recognised. Our clients and staff can rest assured that this development adds strength to Watson Laurie’s relationships with insurers and trading partners, giving access to more products and services in the months ahead. In addition, the wider Bollington Group will benefit from our expertise and experience in a number of
Chris Patterson, Group Managing Director of Bollington, said “This is a tremendous opportunity to bring together our two businesses. We’ve long admired Watson Laurie as an entrepreneurial, well run insurance broker with an impressive portfolio of specialisms, such as Property, Construction Recruitment and Manufacturing that are highly complementary to our own.’’
Andrew Delves, Director of Watson Laurie commented “From early discussions with Paul and Chris, it was clear their business, like ours, has been built on strong foundations of client service, long standing client relationships and personalised service. We look forward to creating an extraordinary business together.”
Bollington has been backed by mid-market private equity firm, Inflexion since November 2017. The acquisition of Watson Laurie strengthens the Bollington presence, and it is now recognised as one of the UK’s largest independent insurance groups.
Legal Advisers to Watson Laurie were Brabners, Manchester, and corporate finance advisers were KPMG in Leeds. Bollington were advised and due diligence completed by DWF (legal) and Dow Schofield Watts (finance). Funding for the transaction was provided by Permira Debt Managers, with commitment of further facilities for future acquisitions.