Insurance company bought out by expanding East Anglian brokerage
DEAL DONE: Alan Boswell's managing director, Chris Gibbs; Sutcliffe managing director Mike Kirman and chairman of the eponymous group, Alan Boswell, at the Laceby office.
By Grimsby Telegraph | Posted: 19 Apr 2017
GRIMSBY-area insurance broker Sutcliffe Solloway & Company Ltd has been bought by Norfolk-based Alan Boswell Group.
The undisclosed deal sees the Norwich-based business’s gross written premium figure rise from £85 million to £90million.
The acquisition will see the company’s 25 members of staff, based at offices in Laceby and Boston, join the group, bringing the total number of employees to 325.
It swiftly follows the acquisition of S-Tech Insurance Services in Cambridge, and the launch of its risk management arm last month.
With a heritage dating back to 1977, Sutcliffe arranges a wide range of commercial insurance products, with specialisms in the marine trade and heavy industry, as well as providing personal lines including home, car and landlord insurance.
Executive chairman Alan Boswell said: “We’re pleased to make this announcement as we head into a new financial year. The group has been growing at a steady rate and Sutcliffe is a natural fit for our continuing expansion, offering services complementary to our own.”
Since its formation in 1982, the company has grown to become one of the largest independent insurance brokers in the UK, with strong capital reserves and more than 50,000 clients across the country.
Sutcliffe managing director Mike Kirman said: “This is a fantastic opportunity for Sutcliffe. Not only does it enhance the range of services we offer to existing clients – including risk management -- but it also brings the stability and support of a larger group to the business.”