Think Insurance expands footprint with latest acquisition

Move comes after it made its first M&A swoop in 2022

Think Insurance expands footprint with latest acquisition

Insurance News

By Mika Pangilinan

Specialist broker Think Insurance has completed the purchase of Ashby Wray Insurance Brokers, marking its second Midlands-based acquisition.

Ashby Wray Insurance Brokers serves both commercial and personal Lines customers in the West Midlands and Staffordshire area, covering a wide-range of products that include fleet, commercial combined, and liability insurance. The firm’s history dates back to 1922, when it was established by Jack Wray, Edgar Wray, and Edgar Ashby.

As part of the acquisition, Think Insurance will retain the existing Ashby Wray offices in Wolverhampton, along with the expertise of Nick Ashby and the rest of the team.

Nick Ashby, who has spent 40 years in the business, expressed his confidence in the acquisition and emphasised the importance of finding the right buyer to ensure customers would get the same level of service that they were used to. 

Russell Bence, commercial director at Think Insurance, also commented on the deal and called Ashby Wray a “great fit” for the company.

“They have an excellent reputation, and our flexible approach to purchasing this book of business was one of the main reasons that Nick Ashby chose to sell to us,” said Bence. “This acquisition widens our footprint and scale in the commercial insurance market, which is a key focus for our business, and this deal now puts us on track to write £25 million GWP this year.”

Think Insurance completed its first deal in April 2022 when it swooped for Sovereign Insurance (Langley) Services Limited, another commercial insurance broker. The West Midlands brokerage has since been targeting £30 million GWP by the end of 2024.

“Our first acquisition last year was a real learning experience and was a positive boost for the business, giving us the confidence to look at further acquisitions and growth over the next 12-24 months,” Bence added. “We are always open to looking at other opportunities, and having a conversation with any other broker looking to sell their insurance business.”

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