Primary Broker Services Holdings has announced a plan to merge two of its commercial underwriting agencies.
PBS Holdings, the holding company, said that an agreement had been reached to merge Primary Broker Services and ATD General.
It said: "There will be no office closures and the merger is taking place to build the business and focus on growth, not to cut costs."
The annualised gross written premium for the new company is almost £100m.
Jonathan Davey, CEO of PBS Holdings said: "The merger of these two companies is a natural step. Given the product ranges, markets and locations of the two companies, we felt that the synergies were extremely strong and should be leveraged within a structure that facilitates growth and takes advantage of opportunities."
Tim Rolfe, chief operating officer at PBS Holdings added: "We intend to use this merger to enhance the infrastructure and to leverage on what PBS and ATD have built to date. We see this as an opportunity to improve our operational platform, although we will do this with utmost consideration for those involved with each company."
Recent Related News
Primary Group announces new board member
PBS doubles Birmingham office space
Primary overhauls UK wholesale broking operations
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
