Broker Network looks east with latest regional acquisition

Broker Network has furthered the reach of its regional footprint with the acquisition of Lincolnshire-based broker, Thompson & Richardson.

Commercial lines broker, Thompson & Richardson controls £27m gross written premium (GWP). It employs 75 members of staff across offices in Sleaford, Boston, Grantham and Lincoln.

Thompson & Richardson director, Chris Travers said he was “delighted” by the deal. He will continue in his role alongside his senior team, with Broker Network expecting them to continue an acquisition programme.

This is Broker Network’s third big regional acquisition since October 2016, when it took on Reading broker Finch Group. In May 2017, it acquired Paisley-based Boyd Insurance.

Broker Network chief commercial officer, Des O’Connor commented: “The investment into Thompson & Richardson will provide us with a strong platform in the east. The senior management team at Thompson & Richardson is extremely strong and they have a real opportunity to further grow the business. I look forward to supporting Chris and the team with their future acquisition plans across the region.”

Broker Network has not been shy about its ambitions for regional growth and has previously revealed a war chest of £83.5m. In July its chief executive, Andy Fairchild said in an interview with Insurance Times that acquisitions would play a huge part in Broker Network’s strategy over the following year.