Consolidator adds brokers in Liverpool and Wrexham.
See also: Oval's 115m refinance & Squaring the Oval
Oval has kick-started its acquisition programme after a summer hiatus with two purchases.
The broker has acquired Powell Insurance Brokers based in Liverpool and Williams Insurance Brokers, based in Wrexham, north Wales.
The acquisition of Williams is the company’s first acquisition in Wales.
The move into Liverpool would be the fulcrum for further expansion in an important region, Oval said.
The company put its acquisition drive on hold in June, blaming the economic conditions. This followed the collapse of acquisition talks with Midlands broker Perkins Slade.
Powell has a team of 40 people and turnover of £3.4m. It controls a gross written premium of £16m.
The broker focuses on mid-corporate and corporate clients, with specialisms in construction, poultry and food and beverage.
Eliot Powell, the broker’s managing director, will continue to run the office in Liverpool.
Williams offers commercial insurance to a wide range of business sectors including transport, motor trade, food and retail, with a core focus in the construction and engineering sector.
It has gross written premium of £4m and a team of 10 people.
Sandra Humphreys, director of Williams, will continue to run the office in Wrexham.
Jeff Herdman, group managing director of Oval, said: “Both Powell and Williams are highly respected brokerages, having developed strong, long-standing relationships with their clients.
“This made both companies a natural choice to bring into the group. We are very pleased to have both teams join Oval.”
The two acquisitions take Oval’s tally of purchases this year to six.
These have included Independent Insurance Brokers of Aberdeen, bought in May, Bartholomew James in Northern Ireland and Essex broker FMW.
Oval’s revenues were just over £100m in 2007.
