Bexhill-based broking firm Green Insurance Group has swooped for specialist marine broker Collidge & Partners, just a month after
Greens itself was acquired by Global Risk Partners’ retail broking division.
Margate-based Collidge has annual gross written premium of £1.1m and has been established for 25 years, specialising in insuring narrowboats and canal boats in the UK and in Europe.
In the deal, which was announced this morning, the marine firm will keep its name and all of its staff, the managing director of Greens confirmed.
“This is a significant acquisition and we fully intend to help Collidge develop into other sectors within marine, including pleasure craft, chandlers and marinas,” MD Duncan Coleman said.
Greens expects to invest in new IT for Collidge and to enhance its schemes proposition, as well as seeking growth through cross-selling, hand in hand with Green’s existing personal and business insurance capability, Coleman said.
“This latest acquisition follows two other recent purchases: Robert Nott & Partners (Bexleyheath), a £6.5m GWP broker with a taxi specialism, and Viking Insurance (
Hastings), a £1.5m GWP provincial broker,” he went on to say. “We are delighted with all three acquisitions, which will add considerably to our planned building up of the GRP regional hub in the South East.”
Following Greens’ own acquisition last month, Global Risk Partners CEO Mike Bruce told Insurance Business that Greens had “acquisitions in their DNA.”
“Our model in our regional business is very much around investing in a regional hub, using that as our figurehead business in that particular region, and then using that to do further bolt-on acquisitions,” Bruce said of GRP’s strategy.
At nearly £30 million gross written premium, Greens – which has itself bought 25 other brokers since being founded in 1973 – is also one of scale, he added.
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