Purchase of Wales' largest independent broker sees company break the £200m GWP mark
CCV has made its 27th acquisition in 18 months with the purchase of Wales’ largest independent broker, Protectagroup, Insurance Times can reveal.
The move is the third substantial acquisition the consolidator has made in the past two months, following the purchase of a £40m GWP portfolio from Lockton and £10m GWP wholesaler, Berkeley Alexander. Protectagroup controls over £33m in premiums, and takes CCV to over £200m GWP in total - up from £93m at the beginning of the year.
Protectagroup has a sizeable personal lines account distributed through 13 branches, a direct telesales arm, a wholesale division and a commercial insurance hub based in Cardiff. In August, chief executive Paul Ragan said the company planned to grow its brokerage ten-fold to £70m within three years, at which point he intended to float the business. Protectagroup has made 11 acquisitions to date, including its first move into the London market with the purchase of Hodge Insurance Brokers in September.
CCV chief executive Tim Johnson said: “Protectagroup is widely recognised as Wales’ largest independently owned insurance broker, and under Paul Ragan’s leadership has successfully diversified and grown into the major insurance force in the Principality.
"With two further local acquisitions planned in the coming months, I am confident that the existing management team can take Protectagroup to north of £50m GWP by the summer. As well as helping CCV break the £200m mark, this establishes us as the pre-eminent broking force in Wales”.
Ragan added: “The CCV ethos of developing the existing brand name is great news for both our customers and staff and being part of a £200m GWP group moves us to another level. The huge benefits of access to enhanced products and markets will accelerate the growth of the business and improve our client offering. We felt the time was right to secure the future of our staff and take advantage of CCV’s access to funding – the prospect of further acquisitions in the immediate future has created a real buzz amongst both management and staff.”
CCV’s executive chairman, Peter Cullum, said: “The team have built a healthy pipeline, so I am pleased but not surprised with our excellent start to 2008. Protectagroup is a sizeable business with an excellent track record and really puts us on the map, not only in Wales but across the UK.”
