Brokerbility buys one of its members

Leicester-based Brokerbility, which already owns Brett & Randall Insurance Brokers, has acquired a majority shareholding in O’Connor & Co, Insurance Times can reveal.

Northampton-based O'Connor & Co, already a member of broking group Brokerbility, has gross written premiums in the region of £14m to £15m. The business will continue to trade as O'Connor & Co and will retain all its staff.

Ashwin Mistry, chairman of Brett & Randall and Brokerbility Group, told Insurance Times: "We are very close to O'Connor, it's one of our regional brokers as well, and they approached us with a view to helping them with a solution that we were comfortable with providing."

Mistry said that both companies would continue to focus on commercial lines.

Mistry confirmed Brett and Randall has further plans for expansion. "We've got an appetite, we've been supported extremely well by Royal Bank of Scotland, and when we did the MBO they did extend us an additional line of credit, and we drew on it. Within a relatively short space of time, two months I think, we were able to complete this deal."

Mistry added: "As far as we’re concerned, it’s business as usual. We’ll combine our forces, there will be synergies to be had because of the complimentary styles, but it is a fabulous deal for both parties concerned."