Lockyers makes first acquisition as an Ethos Broking Partner

Lockyers Insurance has acquired Newcastle-based independent broker Bernard Saxon Insurance Services (BSIS).

It is Lockyers’ first acquisition since becoming an Ethos Broking partner in September 2018. Ethos Broking is one arm of Bravo Group, which also operates Compass and Broker Network. The Group’s aim is to support independent UK insurance brokers.

Newcastle-based BSIS was established in 1984 and is run by Patrick Carney and Scott Kinnaird alongside eight additional members of staff; all employees will remain with the business following the acquisition. The broker manages £5.5m gross written premium (GWP) while specialising in commercial lines business.

Jon Newall, Lockyers’ chairman, said: “Being part of the Group has enabled us to complete this first acquisition with a team we have known as part of Broker Network for many years. This is a fantastic start to the New Year for us and we’re excited to begin 2020 with such a prominent deal.”

Perfect match

Carney, director of BSIS, said that Lockyers is the “perfect match” for BSIS as both firms “have been Broker Network members for many years, are similar businesses and share many working practices”.

Lockyers was established in Wakefield, West Yorkshire in 1981; it has grown from a small shop to an independent insurance broker with strong commercial ties across the region.

It employs 17 people and focuses on commercial lines business, with a focus on the leisure and small to medium enterprise (SME) sectors.

Continued growth

“We have known [Newall] for a long time and he and his team have been great to work with from the outset; we look forward to working closely with them in the future. We have grown the business substantially in recent years and look forward to continuing its growth in the years ahead,” Carney added.

Meanwhile Lockyers’ managing director, Martin Weaver-Parker, said: “BSIS has a proud tradition of serving commercial and personal clients across the UK and providing high quality advice. They have an extremely knowledgeable team and [a] strong culture which aligns with ours.

“We can’t wait to begin working with [Carney] and [Kinnaird] and the team, all of whom will bring additional capabilities to our expanding team.”