Minority Broker Partnerships (MBP), the investment business chaired by Peter Cullum, has bought a minority stake in Caleb Roberts Insurance Services, an independent agricultural and rural broker operating across Mid Wales, Herefordshire and Shropshire.
The investment will support the broker’s plans to grow beyond its current £32 million in gross written premium (GWP) over the next three years, through organic growth and acquisitions. The existing management team, led by Hugh Campbell, Charles Campbell and Andrew Brock, keeps control.
Caleb Roberts has more than 80 years of history, 75 employees and six offices.
Managing director Hugh Campbell said the broker saw a real opportunity to grow its existing business and bring like-minded local brokers into the group.
“Partnering with Peter and James gives us the experience, capital and acquisition expertise to accelerate that growth while allowing us to remain in control of our own destiny,” said Campbell.
MBP chief executive James McCaffrey said Caleb Roberts had built an outstanding regional broker with genuine specialist expertise. He said MBP’s role was to provide capital, experience and strategic support without the business losing the identity and local relationships behind its success.
The deal is MBP’s seventh investment in 12 months. Earlier deals include drone insurance managing general agent Moonrock, Carlisle commercial broker Raw Insurance, which also specialises in agricultural risks, and London family broker Eggar Forrester.
Cullum founded Towergate and later chaired Global Risk Partners, now Brown & Brown Europe. McCaffrey has worked with him on regional broker investments before.
MBP’s approach contrasts with the majority-ownership model that dominates UK broker consolidation. Its investments let owners release some capital and gain support for acquisitions while keeping control.
That pitch speaks to a concern this month’s broker deals have highlighted. Ascend Insurance Holdings, backed by private equity firm Inflexion, and Seventeen Group are both promising acquired brokers autonomy and local identity. MBP goes further by leaving owners in control. With several larger consolidators having slowed their UK buying this year, minority investment gives owners another option.
The deal comes at a demanding time for rural and agricultural clients. Severe drought was declared across parts of southern England this month, and Storms Austen and Boelo have since brought flooding and power cuts. For specialist rural brokers, those events highlight both the value of expert advice and the gaps in cover, such as the limited availability of drought cover for crops.
For independent broker owners weighing their options, the deal shows minority investment is becoming an established route. It offers capital and acquisition support without a full sale.
For smaller rural and agricultural brokers in Wales and the Welsh Marches, Caleb Roberts now has the backing to make acquisitions. Owners considering retirement or succession may find a local specialist buyer that keeps their business’s identity, as an alternative to national consolidators.
