Prosura makes first acquisition with broker buy

Prosura has acquired First Stop Insurance Brokers in what is its first purchase since launching earlier in 2023, a statement released yesterday (16 October 2023) said.

Sheffield-based First Stop was founded 14 years ago and supports both personal and business lines customers.

Prosura said it was acquiring the firm as part of plans to become a “home for independent, Yorkshire brokers to exit to”.

“Independent brokers are important for the insurance industry,” chief executive Jon Newall said.

“Those who are looking to retire must be offered a viable alternative to the consolidators operating nationally and I am passionate about becoming just that.”

Capacity

Newall launched Prosura on 2 February 2023 to support business and lifestyle clients throughout the UK.

While Newall set a target for the firm to achieve a turnover of £10m within five years, he said acquiring First Stop had given his firm confidence to bring forward its longer-term growth strategy.

This is because he felt the deal would enhance competitiveness and increase the company’s capacity.

“To be in a position to announce our first acquisition so early in our own journey feels amazing,” he said.

“It’s a testament to Prosura’s growth and market success, which has given us the confidence and desire to bring forward our longer-term growth strategy.”

’Good hands’

The acquisition, which has been supported by The Bravo Network, will see the clients and assets of First Stop integrated into Prosura.

Philip Scoffield, managing director at First Stop, said he went through with the deal after finding his clients and team “would be in good hands”.

“I couldn’t have asked for a better fit,” he added.

“We are like-minded and share the same values. For me, knowing that my clients will continue to receive good independent advice and that my employees have continuity as I plan to retire, means a great deal.”