Consolidator scoops up broker in the North east
Giles Insurance Brokers has announced the acquisition of Arnott Commercial Insurance Services Ltd and Arnott Marine Ltd. Gerard O’Connor, managing director of Arnott will continue to run the business within Giles following the acquisition.
As one of the largest regional brokers in the North East, Arnott will establish Giles’ presence in the marine sector and also strengthen its presence across Giles regional base, providing local expertise and market share across locations that are of strategic importance to the growth plans of the business. Giles’ North East regional base has grown significantly through recent acquisition and now consists of three branches.
Arnott was established in Durham in 1996 and rapidly established itself as a leading independent broker in the North East providing risk solutions to the commercial market. The business has grown organically to a team of 23 with revenues of £1.9m last year.
The marine business was started in 2005 and has quickly grown its reputation as a respected provider of insurance services to the marine sector.
Chris Giles, chief executive of Giles said: “The acquisition of Arnott is a very significant step in developing our position in the North east with an established and well respected business. Furthermore we see great opportunities in the marine sector and will seek to grow our presence further in the near future. Gerard O’Connor and his team have an excellent reputation locally and a great knowledge of the marine insurance market which will be invaluable as we expand our business and maximise on future opportunities. “
Gerard O’Connor, managing director of Arnott, said: “We have an excellent management team and look forward to working with Giles to continue to develop the business and in particular the marine insurance specialism further both on a regional and national level.”
