Insurance broking giant Gallagher has announced the acquisition of Pavey Group Holdings (UK) Limited, a commercial insurance broker in the South West.
Pavey Group, which has offices in Torquay, Holsworthy and Highbridge, was established in 1971 and has since been providing independent insurance advice and tailored risk solutions for businesses in Devon, Somerset and Cornwall. The firm covers a wide range of industry sectors, including: construction, manufacturing, retail, wholesale, professional services, motor trade, property owners, care and charitable organisations.
It has a specialist team of advisers, based in Torquay, who run Cottagesure – a bespoke insurance scheme for people who own holiday homes and cottage complexes across the UK. The Group is also known for its expertise in the agricultural sector. It’s long-standing relationship with farming cooperative Mole Valley Farmers led to the launch of Mole Insurance Services in 2014.
Pavey Group and its 83-strong team of insurance professionals will continue to be led by managing director Graham Brown and the existing leadership team. They will become part of Gallagher’s retail branch network, which serves its customers from more than 50 locations around the UK.
“Pavey Group is a great strategic fit for our UK business, as a long-established, commercially led, growing regional broker with a strong reputation for client service,” said Michael Rea, CEO of UK retail for Gallagher. “Bringing Pavey Group into our UK branch network will not only significantly increase our client reach in the South West and add complementary expertise, it will also strengthen our client offering in other key niche sectors. We very much welcome Graham and the team into the Gallagher group and look forward to meeting the needs of South West businesses together.”
Gallagher chief executive J. Patrick Gallagher, Jr., commented: “Pavey Group is a very well-respected firm with a complementary culture and mix of business that expands Gallagher’s presence in South West England. We’re delighted to welcome Graham and his colleagues to our growing global team.”
Graham Brown, meanwhile, called the deal “an exciting development” for both Pavey Group and Gallagher.
“This is an exciting development for our teams at Pavey Group and Gallagher, one that will help us create even more compelling solutions for businesses based in the South West and beyond,” he said. “Our scale and reputation locally, combined with Gallagher’s national and global reach, will create a winning formula for businesses seeking independent insurance advice and tailored programmes whatever industry or service sector they operate in.”