Specialist insurance broker Giles Insurance has made its third buy in a month with the acquisition of the retail business of Miller Insurance Services.
The sale of its retail unit follows a review of Miller’s UK business, after which the company decided to concentrate on providing specialist services to large corporate entities based in the UK and Europe. It will move its major corporate accounts to its London office.
Giles will purchase the remaining retail business of Miller and manage the business from early 2007.
In November 2006, Giles acquired Richmond Insurance Brokers and Calvert Glover. The acquisition of Miller’s retail business will take the new premium income from the deals to GBP22 million.
Giles Insurance Brokers has a track record of buying regional businesses and growing them and we see the purchase of the business in Beckenham very much following this trend, commented Chris Giles, chief executive of Giles. We already have a successful trading only operation in Croydon and we see the remaining Miller UK team in Beckenham becoming an integral part of our business in the South, both from a trading and operational perspective.