Consolidator adds £32m to growing GWP.
Giles Insurance Brokers has acquired SBP Group, a specialist transport insurance broker with a £32m GWP.
Simon Brooke, managing director of SBP will become regional managing director within Giles following the acquisition. This deal is the largest acquisition made by Giles since Charterhouse backed the business in April 2008.
SBP was established in Leeds in 1997 as Simon Brooke & Partners and rapidly established a market leading position in the transport sector. Since then the business has grown both organically and through strategic acquisitions of SBP Chapman Stevens in High Wycombe in 1999 and Spencer Moray in Bristol in 2003 to now have a premium income of £32m. The annual turnover of the Group is in excess of £5m, having seen income grow in excess of 10% over the last two years.
Chris Giles, chief executive of Giles, said: “The acquisition of SBP is a very significant step in growing Giles’s presence in the transport sector and across Giles’ existing regional base. We see great opportunities in these areas and will seek to grow our presence further in the near future. Simon Brooke and his team have an excellent reputation locally and a great knowledge of the transport insurance market which will be invaluable as we expand our business and maximise on future opportunities. “
Simon Brooke, managing director of SBP, said: “We have an excellent management team in each of our three offices and we believe that in joining Giles we can drive forward on both a regional level and within the transport sector. We very much look forward to being a part of the Giles business.”
