Oval builds regional foothold with £25m buy

Oval has acquired insurance broker and risk advisor FMW.

It follows the recent acquisition of Ipswich-based Cook Sheppard Pinhey and marks a new Eastern regional foothold for the Oval group. The acquisition is the second of four slated buys during first part of 2008.

Formed in 2000, FMW has an annual GWP of around £25m and a team of over 60 staff. It provides services for a range of business sectors including logistics and transportation, construction and house building, property owners and general commercial and media.

Peter Blanc, Managing Director of FMW will become regional managing director of Oval's Eastern region and both Peter Blanc and Cook Sheppard Pinhey's Peter Bradbeer will continue to head up their respective offices.

Blanc said: “FMW has always taken great care to make sure that each member of our team understands our client’s business and their daily trading environment. By joining Oval we can also provide greater development opportunities for our staff.”

“The acquisition of FMW and Cook Sheppard Pinhey marks the creation of a new Eastern region for Oval. Working with Cook Sheppard Pinhey will mean that we can now each bring together our expertise and areas of specialism, providing an even wider ranging service to our clients.”

Bradbeer added: "I have known Peter for many years, and we are looking forward to working together. As always, excellent client service will remain our core value and we are very pleased to be leading Oval’s commitment to growth in the Eastern region.”

Jeff Herdman, group managing director of Oval said: “We are delighted that FMW has joined the group. The company has an exceptional team of advisers and staff who have a strong understanding of their client’s businesses and industries. This alongside the recent acquisition of Cook Sheppard Pinhey continues our strategy to work with the most well respected brokers and to drive business across the region.”