Oval has bought two regional brokers, Malyon Lestrange and CWB. Both brokers' income is primarily derived from commercial lines.
Hertfordshire-based Malyon Lestrange has 18 employees and a premium income of approximately £15 million a year. Its two directors, Brian Malyon and Steve Lestrange, will remain with the business.
Malyon said: "We were being courted by other companies, but we'd heard good things about Oval and we were lucky to be introduced to them. We found we shared a similar ethos and a commitment to the very best client service. As part of Oval, that service will get even better."
CWB is based in the Midlands and has annual gross written premium of £3 million. The broker's six employees will all remain with the business, including managing director, Richard Wayman.
Wayman said: "Oval approached us last year because our business mix fitted well with theirs. We immediately felt very comfortable with their people and their plans for the future. Our clients will continue to receive the highest level of service, and now they'll also benefit from Oval's strength and buying power in the marketplace."
Oval's chief executive officer, Phillip Hodson, said: "We are only interested in buying quality — Malyon Lestrange and CWB certainly fit that bill. Brian, Steve and Richard have put together two outstanding businesses with a client first culture, and we're very pleased they have decided to continue to develop them within Oval."
