"Uptick" in M&A Activity predicted for 2013

Tom Dobell, manager of the £7.7bn M&G Recovery fund, expects an uptick in M&A activity to rejuvenate performance in 2013 after a "tough" three years for the fund.

Read more: http://www.investmentweek.co.uk/investment-week/news/2214666/dobell-m-a-will-drive-returns-on-gbp8bn-recovery-fund-in-2013#ixzz28LEaMmSj

Tom Dobell, manager of the £7.7bn M&G Recovery fund, expects an uptick in M&A activity to rejuvenate performance in 2013 after a "tough" three years for the fund.

Read more: http://www.investmentweek.co.uk/investment-week/news/2214666/dobell-m-a-will-drive-returns-on-gbp8bn-recovery-fund-in-2013#ixzz28LEaMmSj

R&Q makes third end-of-life captive acquisition

Randall & Quilter (R&Q) has completed the acquisition of RAB Insurance Limited, its third purchase of an end-of-life captive insurer in 2012 so far.  The company wrote a book primarily consisting of employers' liability, product liability and constructors all risk for Roger Bullivant Limited and its subsidiaries.

CVC acquires majority stake in Cunningham Lindsay

Claims management firm and loss adjuster, Cunningham Lindsey, has received an injection of cash from a group of investors led by CVC Capital Partners.

The move means that CVC has acquired majority ownership of the company, which employs around 7,000 staff operating across 61 countries.

CVC, of course not to be confused with CCV (part of Peter Cullum's Towergate empire!)

Arthur J. Gallagher acquires Acumus

Looks as if the Pat Gallagher/ Dave Partington team road-show is well and truly up and running!  Their latest acquisition Acumus was highly shought after and would have had appraoches from all sides.

The Acumus team, which is based in Chelmsford, will continue to trade under the Acumus banner following the acquisition.

The acquisition follows that of retail insurance broker Blenheim Park Ltd, which was acquired by Arthur J. Gallagher International in August.

 

 

 

Towergate reaches 15-deal milestone in 2012

Towergate Insurance has bought the non-life insurance business of general insurance brokers Dean and Milward and also of Greaves Adams.

Towergate has now completed 15 acquisitions since the start of 2012.

Dean and Milward, based in Henley on Thames, was launched by Richard Dean and David Milward in 1981. The company specialises in predominantly SME business and has some personal lines customers in the Thames Valley area. Towergate has snapped up the non-life arm of the company which will join forces with Towergate’s Didcot office.

Towergate said the deal will further strengthen its presence in the South of England under the leadership of regional managing director Mark Evans.

Greaves Adams was founded over 20 years ago by Tony Greaves and his wife Janette. All staff, including Greaves and his son Aaron, will remain with the company and will join the Towergate office in Poole under the leadership of regional boss Stuart Grieb.

Towergate group chief executive Mark Hodges said: ”These deals have a special significance representing a milestone of 15 acquisitions completed in what is our 15^th anniversary year.

“Both businesses are great examples of our ability to attract well run broking companies as a result of our flexible, relevant and realistic acquisition approach.”

Insurance Times August 10th 2012

Towergate Acquires in the South West

Towergate Insurance today announces the acquisition of Bristol based haulage specialists, Centenary Insurance and  William Rogers Insurance Brokers of Penzance.

Mark Boyd, Director at Centenary, now becomes Sales Director for the South reporting to Larry Smith, Managing Director of Towergate’s commercial motor division and Andrew Morehen, Director of William Rogers, will remain at the helm of the business which will become a new site for the South West region of Towergate Insurance under the local leadership of Nick Hatch.

Risk Services takes over ailing Astbury Wren

Risk Services takes over ailing Astbury Wren :  Announed by Steve Lowe of Risk Services earlier this week. 

From what we hear, it was inevitable that the 'book' of business and some staff would be transferred elsewhere.  Not sure whether or not the 'bigger' story has now been quashed - that will depend on the deal which Steve Lowe has done.  We may read more in the press in weeks to come.  Good luck to all concerned.

The press release for clients on the Astbury Wren website:

 

I am writing to advise that we have acquired the former Astbury Wren business together with the existing Astbury Wren staff from 20th February 2012.  

In the short term we will continue to occupy the former Astbury Wren premises and your points of contact including telephone numbers and email addresses will remain unaltered.  Consequently you will see no interruption to your current insurance arrangements and there is no action you need to take to ensure continuity of cover and service.  It is our intention to relocate the Astbury Wren staff into our existing Chester premises at 171 Boughton, Chester over the coming weeks and we will contact you again once a date for this has been agreed.

Your custom is extremely valuable to us, and I would like to take this opportunity to reassure you that it is very much business as usual. However, if you do have any concerns or queries please do not hesitate to get in touch with us or indeed contact me, or one of my co-directors, Phil Hazlegreaves and Tom Penn, and we will be very happy to answer any queries that you may have.

Risk Services (NW) Ltd is an independent commercial insurance brokerage established in 1999. Like Astbury Wren, we are based in Chester, and also like them, we are absolutely committed to providing a personal and professional service to all of our clients. We are the now largest independent broker in the Chester area. The acquisition of the Astbury Wren clients and staff (Astbury Wren & Co Ltd went into administration on 20th February 2012) will enable us to continue our growth whilst reinforcing our commitment to Chester, the North West and North Wales by retaining local jobs.

Yours sincerely

Steve Lowe, ACII

Managing Director

Risk Services (NW) Ltd.

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“The Moors are alive with the sound of Bollington”

Can Paul Moors pull this one off?  Bollington, Gresham, Paul Moors, Groupama – names which we’re all interested in at this moment in time.  Gossip, gossip, gossip.........

Insurance Times reported last week: “Manchester-based broker Bollington is being courted by a number of private equity firms to help with a management buyout, with Giles’s former backers Gresham leading the chase…..Staff and management, including chairman Paul Moors, currently have a minority shareholding of 40% and could use private equity funding to buy themselves out of Groupama ownership.”

Research suggests that Mr Moors (fortunately) negotiated a contract at the start of this journey giving him first refusal at an agreed price should the unexpected happen.  And now that it has, securing a contingent future so long ago is a great achievement.  For the staff and for Paul, let’s hope this is true!  However, be aware that 99% of us gossips are usually 100% wrong. 

Dr John C Mitchell

(Links misbehaving tonight, but here is the basic info):

Twitter: InsuranceNews24

Linkedin: http://uk.linkedin.com/in/insuranceconnections

 

Views expressed are those of the author only – and true simply to the best of my knowledge.  All information is sourced from publically available sources or emanates from sources deemed to be acting in the best interests of all concerned.  No malicious intent or offence is intended to anybody involved or associated.  No liability is accepted.

Capita has bought Fish Administration for £21m from private equity firm Inflexion.

 

As reported in Insurance Times this morning.

Preston-based Fish specialises in finding cover for the disabled, including cover for adapted vehicles and mobility scooters.

The firm has 30 staff and trades as Fish Insurance.

Fish’s pro forma operating profit for the year ending May 2011 was £3.5m on a turnover of £5.8m.

Capita chief executive Paul Pindar said: “Backed by Capita, and alongside our existing specialist insurance broking business, we anticipate strong potential for growth in the motor, travel, independent living and carer insurance markets, enabling us to take the business from strength to strength.”

Fish managing director Warren Dickson said: “We are fully committed to maintaining the focus that we have on specialist expertise and service excellence and being part of Capita will allow us to further enhance the value we offer in these areas.”

Dr John C Mitchell

CCV acquires businesses: Bollington seeks MBO: A&A completes MBO

Only the end of January and announcements are coming thick and fast.  In our view, there is still a great deal of talk out there, but fewer than expected brokers are committing to sale terms.  January is always a slow month - the action is beginning to hot up!

As reported in Insurance Times last week:

Former Direct Line boss to join A&A as chairman

The A&A Group has completed a management buyout (MBO) with funding from Darwin Private Equity.

The MBO is led by A&A Group chief executive Tony Allen and the senior management team. As part of the deal, Ian Chippendale will be joining as chairman. Previously Chippendale was chief executive of Direct Line and Privilege Insurance, as well as chairman of RBS Insurance.

Allen & Allen was founded in 1968 as a broker specialising in niche motor risks. It has more than 500 staff and had around £140m gross written premium last year.

The deal needs FSA approval.

CCV has acquired Lyon Insurance Services in Anglesey and Crown Insurance Brokers in Birmingham.

CCV has fully acquired both brokers and they will be merged with existing CCV businesses.

Bollington joins fellow Groupama-owned broker Lark in seeking MBO

Manchester-based broker Bollington is being courted by a number of private equity firms to help with a management buyout, with Giles’s former backers Gresham leading the chase, Insurance Times understands.

Bollington is up for grabs following Groupama’s decision to sell its UK assets.

Dr John C Mitchell

Darren Rowe to Perkins Slade

Darren Rowe, recently of Towergate and PowerPlace is now Managing Director of Corporate and Credit Risks Division at Perkins Slade.  Well done Darren, I remember when he was just a lad in short trousers.....

Perkins Slade, clearly one to watch!  Interesting to see where the other Towergate leavers end up.

Ink buys Adding1’s commercial wholesale book

Reported in Insurance Age today: 

Ink Insurance has bought Adding1’s property, liability and motor fleet business and it has been confirmed  Julio Rodilosso will be retained in a consultancy role in the business going forward.

Business will continue as normal under the Ink brand with effect from 1 February 2012.

Dr John C Mitchell

 

Happy New Year!

Not a particularly eventful Christmas period – though things will certainly be less fun with Ex-Heath boss Adrian Colosso being put on gardening leave until 2013.  Good luck Adrian!

Marsh completes acquisition of Alexander Forbes' brokerage business – that will upset JLT!  It’s all about size you know.

The Hyperion Group has confirmed that it has entered into talks with Windsor Limited, a syndicate of Lloyd’s of London, about an acquisition of the company - the move could be a sign that the company is close to making a public offering.  A great company – Hyperion – nice to see them making some more moves.

Provident boss takes charge of MMA in UK shake-up –well, who doesn’t believe that MMA needs a serious shake-up!  About time I say.

As for the slightly beleaguered Towergate – senior people are dropping like flies.  Is it deliberate?  Does the new top man want to bring in some fresh blood?  A shame for Towergate, but with so many good people flooding the market the likes of AJG, JLT, Oval, Giles and Bluefin will be rubbing their hands together with glee in the hope of finally understanding the secret of PGC’s mercurial success!

Well, on to 2012.  There will be a flurry of announcements in Q1 - and hopefully we'll give you the scoop! 

Dr John C Mitchell