Jonathan Davey to head combined SME operation in push for growth
Primary Group has restructured its £60m small and medium enterprise (SME) business under a new company tasked with growing the business both organically and by acquisition.
It is aiming for five-fold growth, which could take it to £300m.
UK SME Underwriting will be headed by Jonathan Davey, current managing director of Primary Broker Services. It will be made up of Primary's four SME businesses: ATD General, Europea, Primary Broker Services and Rural Insurance.
Davey said: "While each business will retain its own individual identity and management team, by bringing together the Primary Group's SME commercial and personal accident underwriting agencies we will further enhance our offering to intermediaries.
"We think we can grow this business five-fold and we are not going to do that organically.
"As a group Primary made substantial profit last year and it has no debt and no gearing. I do not anticipate that financing any deal will be a problem."
Davey, who takes on the role of chief executive, said he was in negotiations to acquire a number of new businesses.
He said: "We are looking to buy underwriting businesses that can demonstrate real technical competence with high quality business development personnel.
"The key thing is that they must have the right cultural fit. We want businesses that can work alongside ours."
Davy will retain his current role until a replacement is found.
