Academy acquires £2m GWP broker

Academy Insurance has expanded its branch network following the acquisition P M Hart last month.

The acquisition of the Birmingham-based broker means Academy will control £31.4m of premium next year.

Acquisition open to non-traditional buys

It takes the number of Academy offices to 13 and was the 34th acquisition in 11 years, including books of business.

P M Hart owner Malcolm Hart will remain for at least a year and Academy will continue to trade under the Hart name.

Academy said it will now look to buy brokers beyond the M4 corridor. “In making acquisitions what we like best is a single-site proprietor and traditional high street broker,” managing director Kevin Munn said.

“We like the fact that unless we go out of our way to upset those customers they will continue to renew their policies with us.

“So in buying that type of firm, you are buying policy tenure and longevity.”

Academy’s business is around 80% personal lines and 20% commercial and Munn said he was confident of future trading. “Unlike internet brokers or those that trade on aggregators our policies tend to have a longer shelf life.

“And what you tend to find with the performance of the account, particularly on motor, is that there are fewer fraudulent claims and our loss ratios with insurers are better than most of our peers.”