Saffron Insurance has acquired Romford, England-based independent broker Farmer Insurance Brokers for an undisclosed amount.
Image: Saffron Insurance acquires Farmer Insurance Brokers. Photo: Courtesy of Joykid/FreeDigitalPhotos.net.
Farmer Insurance Brokers was established in 1999 by Derek Farmer. The company is mainly focused on commercial lines, in fleet, property owners and liability.
The company manages £2m in gross written premium (GWP) and has a workforce of 10.
Saffron Insurance stated that Farmer Insurance Brokers will retain its current office and all members of staff will stay with the business.
Saffron Insurance managing director David Beswick said: “I’m thrilled to welcome Derek and his team to Saffron. The team have fantastic broking knowledge and a strong customer base which will enhance our overall offering. To have acquired three businesses within a 12 month period is a great achievement for Saffron and I look forward to moving into 2019 with a strong pipeline of further opportunities.”
In March 2018, Saffron acquired Continuum Insurance Brokers, a Hertford-based independent insurance broker.
Last January, the company completed a partnership deal with Broker Network and Broker Network has invested in Saffron. The company stated that it will join three other brokerages including Finch Group, Boyd Insurance and Thompson & Richardson as Partners of Broker Network.
The insurance broker was established in 1966 and focuses on business insurance and has a workforce of 15 including the three directors Bernard Murphy, Neil Brady and Clive Mann. All of the workforce will be retained in their current office, stated Saffron. This is the second acquisition for Saffron last year.
Established in 1954, Saffron Insurance has been serving East Anglia for over sixty years. It is a member of Broker Network, a national network of professional independent brokers. It claims to be placing more than £500m insurance premiums annually.
The company offers business, personal, life & protection insurance services. Under business it offers insurance protection for business liabilities, assets, human resources. Under personal insurance it offers protection for personal vehicles, homes, health, pet insurance, travel and will also serve high net worth individuals.