Acquisition of high value vehicle broker takes GWP to almost £4m
Peart Insurance Brokers has bought fellow high value vehicle insurance broker Performance Marque from IFA practice Thacker Fairweather.
Peart, based in Kendal in Cumbria, has bought the Sutton Coldfield-based broker as part of its strategy to become one of the major brokers for high value vehicle insurance.
Performance Marque, which has almost £1.5m GWP, will operate from Peart Insurance's offices in Kendal.
The acquisition means that the Peart will have over 7,000 policy holders and almost £4m in gross written premiums.
Damian Keeling, Managing Director of Peart Insurance, said that further high value vehicle broker acquisitions were being sought: "There are obvious synergies between the two businesses. We want to consolidate our position as one of the major players in the high value vehicle insurance business and this acquisition is part of that strategy."
Peart, which specialises in insurance products for drivers of high performance, sports, prestige, executive, and classic cars, has increased its turnover by almost a third in the past year.
Ian Thacker, a partner in Thacker Fairweather, the vendors of Performance Marque, added: "We are pleased that the [Performance Marque] brand will live on with one of the longest established niche players in the high value vehicle market."
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