Browne Jacobson’s corporate finance team in Nottingham has advised national Chartered insurance broking group Brokerbility Holdings on the ECI Partners backed acquisition by Clear Group.
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The deal will see Brokerbility’s broking, network and technology trading arms BHIB Insurance Brokers, Churchill Insurance Consultants, the Brokerbility Network, software house Brokertech and the software solutions provider and IT platform Brokerbility Information Gateway (BIG) come under Clear Group’s ownership.
The deal will see CEO Ian Stutz and co-founder Ashwin Mistry continue as Chairman of Brokerbility.
Founded in 2006, Leicestershire based Brokerbility is a 27 members strong national alliance of like-minded, high quality independent brokers.
Established in 2001, Clear Group is one of the top 20 independent general insurance brokers in the UK and one of the top 50 insurance brokers overall. As well as specialising in the UK corporate and SME market, it also has expertise in niche insurance verticals including property and construction. This latest deal will see it manage over £200M in premiums, employing over 400 people across 10 offices.
Ian Stutz, Managing Director of Brokerbility added: “Joining Clear we create a substantial brokerage that differentiates itself not through scale but by shared values that underpin the business and the way we care for our people, our clients and our relationships with insurers.”
Ashwin Mistry, Co-Founder and Executive Chairman of Brokerbility and BHIB Insurance Brokers added: “This deal gives Brokerbility the firepower to invest and attract new members to our group. A change of ownership to a fellow member also means that Brokerbility can continue to be the torchbearer for independent brokers, who as a group, are operating to the highest standards of technical competency and ethical behaviour.
“A deal of this nature needs advisers that you can trust so we had no hesitation in turning to Browne Jacobson who have the perfect combination of specialist expertise, insurance sector knowledge and commitment to delivering fantastic service level that we value so highly. It was great to have them as part of our team.”
Paul McCannah, corporate finance partner at Browne Jacobson, commented: “We have seen a strong appetite for PE-backed consolidation in the insurance broking sector over the last few years, and we are delighted to have acted one of the most high profile deals in the sector this year.”
Others advising the shareholders of Brokerbility Holdings Ltd included Cooper Parry Group Ltd and IMAS Corporate Finance LLP.