Gallagher has expanded its UK retail operations by acquiring Devitt Insurance Services (Devitt), an established retail insurance broker focusing on motorcycle and motorhome clients.
Founded in 1936, Devitt has 130 employees and around 130,000 customers across its portfolio. It has grown organically and through strategic acquisitions, until it became the UK’s top motorhome and number-four motorcycle broker. It also offers other personal lines products, such as car and home insurance and motor trade-related commercial insurance.
The acquisition will see Devitt become part of Gallagher’s UK retail operations, which places around £3 billion in premiums and looks after the risk management and insurance needs of more than 1.3 million customers across the UK. The retail insurance broker will also bring to the table affinity partnerships with organisations, including The Caravan and Motorhome Club and BMW Motorrad.
Michael Rea, CEO of Gallagher’s UK retail division, commented: “We are delighted to welcome the Devitt team to Gallagher. The business has a great reputation for customer service, and its specialisms in motorhome and motorbike are a great fit for our business. In any transaction, we always look for like-minded people, and I am confident that as part of Gallagher, the Devitt team and business will flourish.”
Devitt managing director William Hughes and finance director Tony Chapman, who oversaw a management buyout of the business from the Royal Bank of Scotland in 2011, will remain with the firm.
Commenting on the transaction, Hughes highlighted that Devitt and Gallagher share the same values, with the latter’s focus on excellent client service fitting well with what the retail insurance broker does best – looking after its customers.
“We are very pleased to find a permanent home and a fantastic partner for our business,” Hughes added. “It’s fantastic news for our team that we will be part of a market-leading global broker going forward, and this partnership will enable us to continue our track record for growth and provide a springboard for further success.”