UK-based Brunel Insurance Brokers has acquired Plymouth-based Glentworth Insurance Services and Glentworth Portishead (Glentworth) for an undisclosed amount.
Image: Brunel Insurance acquires Glentworth. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
Established in 1993, under the name Watson Insurance Agencies, Glentworth is a broker operating from four offices in the South West.
The business commands about £10m in gross written premium and has established better insurer relationships.
Brunel Group CEO Russell Lane said: “Finding brokers who fit our culture and core principals is becoming increasingly difficult. From the start we knew that Glentworth and Brunel share the same values. These values are always based around putting the clients first – something which I believe is sometimes lost elsewhere in the industry in its quest for saving money to boost profits of private equity investors or for cutting costs after large mergers.
“The hands-on, client-facing approach by the Glentworth board and the extra mile they go for clients sit squarely with Brunel. Decisions get made for the benefit of clients. It’s a great business which we plan to support and invest in. This is very much a merger of equals and I am really excited about working with everyone at Glentworth.”
Glentworth will continue to trade as Glentworth Insurance Services from its existing offices, offering services to its clients, while providing access to wider range of insurers that merger with Brunel will bring.
Glentworth Insurance Services managing director Gary Cox said: “We were very wary of selling our business to consolidators as we were fearful clients would suffer and we believe that clients are more important than numbers on a spreadsheet.
“Brunel has gained a reputation within the UK insurance industry for providing high levels of client service, its technical ability and its ambitious growth plans. After discussing our ethos with Russell and Matt it became clear we share the same values. We are looking forward to working with them now and for many years to come.”
Last June, Brunel’s subsidiary Brunel Professions had won approval as a Lloyd’s registered broker. With Lloyd’s Broker accreditation, the company will have access specialist insurance market and will create opportunities for it to be part of strong brands in the insurance industry.
Brunel Professions has an office in Lime Street in London, along with regional offices throughout the UK. The company specializes in professional indemnity insurance with annual premiums more than £35m.