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