The Broker Investment Group (TBIG) has announced an increased stake in PHP Insurance, a Chartered Insurance Broker based in Macclesfield, Cheshire.
This investment sees TBIG now holding an 80% stake in the brokerage, which has held its chartered status since 2009.
PHP Insurance operates under the leadership of co-directors Jullian Shawcross (pictured left) and Andy Tyrrell (pictured right). It has a GWP of £5.5 million across general commercial insurance, including a substantial property portfolio.
According to a news release from TBIG, both Shawcross and Tyrell will maintain their shareholder status and continue their roles in managing the company’s day-to-day operations.
Dave Clapp, CEO of TBIG, commented on the investment and said the TBIG team has “long been impressed” by PHP’s professional conduct and recent growth trends.
“We see great potential to work with the team on that continued expansion,” Clapp added.
Shawcross also spoke about the rationale behind their decision to align with TBIG, citing how the group enables them to “push forward with minimal change.”
“Having reviewed our different options for the future of the business we decided that the best long-term partnership was The Broker Investment Group,” he said.
Tyrrell went on to note that TBIG’s increased investment allows them to “de-risk” their work while remaining involved in the company’s future success.
This latest deal marks TBIG’s fifth transaction for 2024. It also strengthens the group’s presence in the North-West region.
“It is exciting to bring another great business in PHP Insurance to a majority ownership - we have a great group of brokers in the North-West and TBIG are becoming a real powerhouse,” Andy Roden, CEO of retail said.
In his statement, Roden also confirmed that TBIG is looking to complete more acquisitions before the British Insurance Brokers’ Association (BIBA) Conference in mid-May.
“We have another couple of acquisitions to complete before BIBA in mid-May and look forward to working together with all our businesses on delivering continued growth,” he said.
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