Broking group secures increased investment

The Broker Investment Group (TBIG) has taken a majority stake in Deva Group.

In May 2024, TBIG announced that it had secured a 49% share in the company, but has increased its percentage to 75% today (5 September 2024).

Despite taking a majority shareholding, TBIG said it wanted to keep “the founders empowered and motivated alongside us to help deliver the planned growth”.

Dave Clapp, chief executive at TBIG, said: “Our business is built on finding solutions for vendors and being flexible in our approach. It’s great to be in a position where we can let the founders take some more cash off the table now, especially in view of the October budget.

“Deva is just the start and we have plans in play to increase our shareholding in a number of other businesses before the end of the year.”

The group

Deva is made up of several local insurance brokers, four of which trade under the banners of Daulby Read and Gomm Insurance brokers, Hornby Snape, Much Ado About Insurance and Townsends Insurance.

TBIG said the group had “some strong prospects already in the pipeline” as part of its build and buy strategy.

Andy Roden, chief executive of retail at TBIG, added: “We provide our brokers with access to some fantastic products from our partner insurers and provide support for organic and acquisitive growth.

“Our retail numbers are stellar across the group and we look forward to continuing this trend and doing lots more.”