Broker Network has purchased Lincolnshire-based insurance broker Thompson & Richardson as it expands its network of regional partner centers throughout the UK.
Thompson & Richardson, which specializes in commercial lines business, was founded in 1964. The company controls £27m of gross written premium.
It is a group company of Brokerbility, a national association of Insurance Brokers with total premium income of £450m.
Thompson & Richardson employs 75 members of staff in offices in Sleaford, Boston, Grantham and Lincoln.
Broker Network said Thompson & Richardson director Chris Travers and his senior team will stay on at the brokerage and continue their acquisition program.
It is Broker Network’s third regional purchase since October 2016, when it acquired Finch Group. The company acquired Paisley-based Boyd Insurance in May 2017.
Broker Network chief commercial officer Des O’Connor said the company wants to support the growth of regional brokers and expand its network of regional partner centers across the UK.
“The investment into Thompson & Richardson will provide us with a strong platform in the East. The senior management team at Thompson & Richardson is extremely strong and they have a real opportunity to further grow the business. I look forward to supporting Chris and the team with their future acquisition plans across the region.”
Established over 25 years ago by a regional broker, Broker Network has expanded to become the UK’s largest network of independent insurance brokers.
In November 2017, Broker Network launched an exclusive arrangement with Premium Credit.
Premium Credit will offer Broker Network’s members with an exclusive premium finance arrangement, providing network members an enhanced finance facility.
Image: Broker Network has acquired insurance broker Thompson & Richardson. Photo: courtesy of Broker Network.