Move for £28m premium SEIB broker follows distribution review
Ecclesiastical has acquired South Essex Insurance Brokers (SEIB) and Equestrian Underwriting Agencies.
The broker controls nearly £28m in premium, largley through its commercial schemes business.
In a statement Ecclesiastical said the acquisition of SEIB's operational assets and liabilities is expected to conclude at the end of March.
It added that the company's name, staff and location would be unaffected by the sale.
Ecclesiastical’s Group Chief Executive Michael Tripp will chair the new board, and Steve Wood, Managing Director for Ecclesiastical’s UK & Ireland business, will become a board member. Barry Fehler, founder of SEIB, will join the new board as deputy chairman.
Wood said: "We have been reviewing our distribution capability, especially in light of increased market consolidation. Buying South Essex Insurance Brokers gives us direct access to a top broker and an established network of sub-brokers to further enhance our ability to reach our target customers. As its new owners we will encourage SEIB to continue to offer independent advice and will be able to assist with marketing, distribution and strategic planning."
Fehler added: "I am very pleased to have done a deal with Ecclesiastical. There is a great fit in terms of values and this is a strong arrangement for the customers and staff of SEIB. We will continue to operate independently and to work with a broad range of insurance providers."
