Ink makes offer to buy Westinsure

Giles managing general agency Ink Underwriting has made an offer to buy broker network Westinsure.

The offer has been put to Westinsure's shareholders who are currently considering the offer. The deal is expected to complete in August.

Ink Underwriting managing director Mike Smith said: "Ink has today made an offer to acquire Westinsure and our offer to purchase the entire share capital is currently being considered by shareholders.

"For a long time, Westinsure has been regarded as a unique network as it is made up of quality local brokers who wish to remain independent and provide a quality service with secure insurers to their local business community. The management team at INK share many common values and we see a number of synergies in the two businesses coming together."

Westinsure chief executive Max Hardman added: "Westinsure was keen to find a solution to introduce additional schemes and trading methods quickly and for the benefit of its Members, allowing them to continue to trade competitively in the future. The combined premium of Westinsure and INK would help both parties achieve their respective goals and increase their market presence."

Ink currently controls more than £100m of premium income. Westinsure has around 200 broker members controlling £300m gross written premiums (GWP).

Smith continued "We have looked at a number of networks but believe that Westinsure's attributes, combined with our own underwriting capabilities and access to markets, would create the perfect partnership for existing and future members.

"Westinsure's day-to-day activities, as well as the Westinsure brand, would remain unchanged. We are looking forward to the opportunity of working closely with the members to develop new insurance products and services that will continue Westinsure along its path to create a market leading network."