Blanc outlines new vision after Aston Scott Lark merger

Peter Blanc has outlined his business vision following the Aston Scott Lark merger.

The Aston Scott Lark merger means the broker is 27th largest in the UK, says Blanc.

Blanc said fresh opportunities included cross-selling, good sharing of knowledge and expertise across the businesses, and further bolt-on acquisitions - with the main private equity shareholder Bowmark backing the business for ‘several years to come’.

Aston Scott boss Blanc said: “There are lots of ways to develop cross-selling. We can increase the level of employee benefit sales across the business.

“We can also increase the level of penetration of private clients to commercial clients. 

“If we carry on with organic growth, bolt-ons and continually improve the business, we will be fine.”

Blanc said that the merger was like a fresh investment for Bowmark and the deal had now ‘reset the clock on the investment’.

Bowmark bought Aston Scott two years ago, and private equity usually look for an exit within three to five years.

But Blanc said: “We see this is a resetting of the clock. This is a transformational deal. Bowmark are treating it as a new investment, a new holding company to buy brokers.We are good to go for several years to come.”

Both companies are on Acturis and both have a remarkably similar level of insurers, he said. 

Asked if the new deal meant the two brokers would be rejigging their panel of insurers, Blanc said: “We have a remarkably similar panel, we use the same insurers.

“It will double the size the account with all of our insurers. It’s good news for the insurers.

“Most of the insures we have spoken to have nothing but good to say about Lark and Aston Scott. It’s two good brokers coming together to make one very decent one.”

Asked whether the newly-merged firms would seek an uplfit in commissions, Blanc said: “We will looking at it as a partnership with insurers. We expect to be paid, but it is a partnership and we not at the greedy end of the market.”