Midlands-based commercial insurance broker BEAM Insurance has become the new owner of Andrew Phillips Insurance Brokers (AP Insurance Brokers), which will continue to operate in its office in Redditch under the latter’s existing branding.

AP Insurance Brokers’ employee roster will also be retained while previous owner Andy Phillips will serve as a consultant.

“Really delighted to have completed this deal and to remain within the business working closely with our clients as before,” said Phillips in an emailed release. “I believe this change will be good for our clients and it will be great for AP Insurance Brokers to be part of a larger group while retaining the ethos and culture I know that BEAM shares with us.

“I look forward to working with them moving forward.”

The transaction, financial terms of which were not disclosed, brings BEAM Insurance’s gross written premium to £13.75 million.

“I have known Andy and the team at AP Insurance for several years now,” noted BEAM Insurance managing director David Johnston (pictured). “They are an excellent and knowledgeable brokerage, so I’m pleased to have completed this deal and welcome them to the BEAM family.

“AP Insurance Brokers will trade exactly as before but with the benefit of BEAM deals and resources to bolster profitability.”

Johnston added: “We are on the lookout for other acquisitions to form a hub for local insurance brokers and strongly believe we offer a great alternative to the consolidator route, offering first-class local service and a ‘forever home’ for the clients. We offer a flexible, local, and gentler stepped route to retirement for the proprietor.”

Supported by strategic partner The Broker Investment Group, BEAM Insurance specialises in the construction, property, accountancy, and manufacturing industries. AP Insurance Brokers adds the medical sector to the wider group’s portfolio.