Venture Insurance has acquired neighbouring firm Poole Martin in a move that will see the independent broker place premiums of £13 million per year.
The merger of the two Bristol-based brokers is expected to transpire at the end of January, increasing Venture Insurance’s headcount to 22.
Simon James, Venture Insurance managing director, noted that there has been “a lot of synergy” between the two companies. He said his firm has enjoyed a “great relationship” with Poole Martin directors Andrew Bollen and Richard Evans for several years.
“We are both independent, we share each other’s values and the incorporation of their business with ours is the ideal way for us to strengthen,” he said.
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Evans backed up James’s words, saying “we became professionally close and were impressed with the way they operated, in keeping and in line with our own standards and expectations.”
For Venture Insurance, the acquisition will boost the company’s reputation with major insurers, according to James.
“The large insurers are actively supporting and encouraging small independent brokers like ours to set up and do business with them,” he said.
Meanwhile, Evans said the deal with Venture Insurance was an “excellent move for Poole Martin, its staff and its client base.”
“Andrew and I have been seeking options for continuity and a solution in providing us the confidence that clients continue to be looked after in the same way on a long term-basis,” he said.
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