Recent News Items
- County unveils new consolidator vehicle in the North of the UK
- Invicta completes Fountain acquisition!
- Broadgate acquisition is last for Torus
- CCV has acquired Northumberland-based broker TVI Commercial
Monday, 31 October 2011
Round up of very recent acquisitions news
Wednesday, 19 October 2011
Randall & Quilter to buy Principle Insurance
19 Oct 2011
By Chris Wheal of Post
Run-off specialist Randall & Quilter is to buy Principle Insurance,
the UK Takaful motor insurer put into run-off in October 2009, for
£4.275m.
R&Q said Principle had net reserves of £2.8m as at 30 June, 2011
and a net asset value of £5.1m as at 31 December 2010 (the date of the
latest available audited accounts).
Ken Randall, chief executive officer of Randall & Quilter
(pictured), said: "We are pleased to have reached agreement to acquire
Principle and it demonstrates our commitment to find new legacy
portfolios which meet our return criteria and have shorter anticipated
run-off profiles.
"We have commented that our pipeline has grown in recent times and it
is pleasing to report that this heightened activity has now resulted in
a run-off company purchase, subject to regulatory approval, expected to
be received in the coming months."
Monday, 17 October 2011
THB AmWINS talks to continue to November
Discussions and negotiations have been on-going since July – giving plenty of time for those who wish to depart before any changes to do so!
Friday, 14 October 2011
Hodges tees off in the Towergate Cup
Lyons and Hodges are beginning to stamp
their mark on the senior management teams within the Towergate Group with a
recent flurry of changes and promotions:
- Graham Barr (ex Heath Lambert) becomes CCV chief operating officer
- Michael Rea to head up Towergate Retail and Towergate Financial while continuing to oversee CCV
- Jonathan Walker to become integration director, working closely with Rea
- Tim Johnson who continues to head up Paymentshield takes over responsibility for Broker Network
- Clive Nathan adds PowerPlace to his existing portfolio of responsibilities
While it is not unusual for this type of re-jigging of
ownership – for example, Michael Rea used to be part of Towergate Underwriting,
Tim Johnson used to run CCV, PowerPlace was in the domain of Retail etc. –
perhaps this signals a ‘coming together’ of Towergate Retail and CCV in preparation
for eventual merger as well as a general drawing together of the disparate
parts of the Group by Lyons and Hodges in advance of the long-awaited
floatation.
With their (Towergate and CCV) senior management conferences next week – at a well known European golfing resort - no doubt more changes will be announced shortly (hopefully not as a result of any ensuing high jinks in the bar or on the golf course!).
What of Cullum and Proverbs?
Sources suggest that Peter has recently returned from the Indian
sub-continent where he most certainly wasn’t discussing an outsourcing deal,
and Tony has been relaxing in the Canary Islands without his beloved
Porsche. Behind the scenes their respective
influences are still keenly felt across the Group, but it must be hard to no
longer write the cheques and wield the axe.
Towergate continues to be great story – the next phases in
its development are as crucial as the last.
Long live Towergate!
@InsuranceNews24
Tuesday, 4 October 2011
Cobra posts loss following sale of broking business
Author:
Martin Friel, Insurance AGE
Source:
Insurance Age | 30 Sep 2011
Cobra has
posted a £1.74m loss despite growing revenues to over £24m.
The broking
firm put the loss down to a goodwill impairment charge of £1.5m.
According to
the group this was primarily associated with the sale of the business and
certain fixed assets of its insurance broking operations in Caterham and Alton
to ASG Risk Management, a subsidiary of Aston Scott Group.
Like for
like EBITDA increased by 35% to £2.42M (2010 EBITDA after adjustment of one off
other income of £1.39m was £1.79m).
Steve
Burrows, CEO of Cobra said: “Market conditions continue to be challenging, but
our trading results illustrate that through the continued achievement of
synergies from past acquisitions, Cobra has continued to achieve commission
growth. We continue to evaluate our business mix.
“The post
year end disposals will enable the group to focus on organic growth in core
revenue areas and provide funds for new projects. The group will continue to
reduce its operating costs over the next 12 months.”
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