Castle Insurance acquires Square Circle Brokers

Deal looks to grow its footprint in the North East

Castle Insurance acquires Square Circle Brokers

Insurance News

By Terry Gangcuangco

Castle Insurance has purchased Square Circle Brokers – the company’s second acquisition in Durham since joining Brown & Brown unit Global Risk Partners (GRP) in 2022.

Founded in 2010, Square Circle specialises in general commercial insurance, with a focus on motor fleet, commercial combined, combined liability, and property owners. As part of the deal, the firm’s entire roster will continue to operate from Square Circle’s existing premises.

Referring to Square Circle managing director Phil Bailey and directors Jane Brown and Gary Crow, Castle founder and MD Paul Younger said in an emailed release: “I’ve known Phil, Jane, and Gary for a long time and have worked with them previously.

“They are highly experienced practitioners with a combined 85 years of commercial broking between them, and we will benefit enormously from their extensive knowledge when they come on board. Their business methods, in particular their focus on getting the very best customer outcomes, are hugely admirable and fit very closely to our own values.”

The regulator-approved transaction, the financial terms of which were not disclosed, is aimed at growing Castle’s footprint further in the North East. It follows Castle’s swoop for M R Lonsdale earlier this year.

“I’ve watched the progress made by Castle since they became part of GRP with much interest, and seen how they have been able to leverage GRP’s strengths to benefit their customers,” said Bailey. “Paul is building a powerhouse brokerage for the North East, and we want to play an active role in that process.

“We really buy into the Brown & Brown ‘forever company’ ethos, and the opportunity to be part of that in the North East made it an easy decision to join forces with Castle. It helps that I’ve worked alongside Paul previously, and I know that they will prove to be excellent custodians for our brand, our people, and our customers.”

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