AXA’s broking division, Venture Preference, has made two acquisitions as it closes in on its target of £500m SME commercial premium.
The company has acquired two commercial brokers, the Davis Group and Smith Grayburn Young (SGY) Insurance Services.
Davis specialises in transport insurance, and controls £37m in premium.
The value of the deal was not disclosed.
Prior to the acquisitions AXA’s broking division controled approximately £380m in premium.
VPL joint chief executive Stuart Reid said: “[The Davis Group] is a well run business and will add diversity to the VPL proposition, as we had little presence in the freight and logistics markets.”
Davis has over 80 employees and is based in Newmarket.
The second acquisition, by AXA-owned Smart & Cook, was Hull-based SGY, which controls £4m in premium and employs 17 staff.
VPL joint chief executive Paul Meehan commented: “SGY has an excellent reputation as a local broker, and the transaction reinforces Smart & Cook’s presence in the Hull region as well as providing clients with a wider range of products and services.
“The combination of both independence and the strength of AXA give us a unique position in the UK.”
Davis Group chief executive Leigh Smart added: “I see [AXA’s] backing as beneficial to our customers and our employees and fundamental to our growth. It is a new and exciting time for the group.”
