Barely a year since being snapped up by Global Risk Partners (GRP), agricultural brokerage Country & Commercial Insurance Brokers Ltd (CCIB) is making its own acquisition.
The spotlight has fallen on Longridge-based Key Insurance Group, which will move into CCIB offices after completion of the transaction. Terms of the deal were not disclosed.
“I am thrilled to welcome Key Insurance to CCIB and GRP,” commented CCIB managing director Debbie Airey. “Directors, Clive Turner, Jeff Grundy, and their team have a long history of insurance broking in Lancashire, so they are a natural fit for us.”
According to GRP’s announcement, Turner will remain with the business post-completion while Grundy will be retiring.
“CCIB are well-known to us and share the same focus on building strong client relationships in the local community,” said Turner. “I believe that, alongside CCIB and as part of the GRP family, Key Insurance is set for further growth, taking advantage of GRP’s size and scale to drive better deals for our clients.”
Three- fourths of Key Insurance’s book is commercial; personal lines make up the rest.
“We encourage all our businesses to look for acquisition opportunities that make strategic sense, and Key Insurance is a perfect match for CCIB,” noted GRP group managing director Mike Bruce, who added that their acquisition pipeline is looking “extremely strong” for 2019.
“This acquisition, by CCIB, highlights the encouragement we give to all our businesses to seek out acquisitions alongside their focus on organic growth,” he said.