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
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