Preston firm completes first acquisition since joining London group
Country & Commercial Insurance Brokers, part of Global Risk Partners (GRP), has acquired Key Insurance Group, of Preston, for an undisclosed sum.
This is the first deal by Preston-based CCIB since it was itself purchased by GRP earlier in 2018.
CCIB managing director, Debbie Airey, said that after the deal completion, Key Insurance will move into the offices of CCIB in Longridge.
Debbie said: “I am thrilled to welcome Key Insurance to CCIB and GRP. Directors, Clive Turner, Jeff Grundy, and their team have a long history of insurance broking in Lancashire, so they are a natural fit for us.”
Around 75% of Key Insurance Group’s book is commercial, with the remainder personal lines.
Clive Turner will remain with the business post-completion and Jeff Grundy will retire.
Mr Turner said: “CCIB are well-known to us and share the same focus on building strong client relationships in the local community.
“I believe that, alongside CCIB and as part of the GRP family, Key Insurance is set for further growth, taking advantage of GRP’s size and scale to drive better deals for our clients.”
Mike Bruce, group managing director for London-based GRP, said: “I’m delighted that CCIB has completed its first acquisition since becoming part of GRP.”
He added: “We encourage all our businesses to look for acquisition opportunities that make strategic sense, and Key Insurance is a perfect match for CCIB.”
He said that GRP’s acquisition pipeline “is looking extremely strong for 2019, both from the group centre and our existing businesses.”
Mr Bruce added: “This acquisition by CCIB highlights the encouragement we give to all our businesses to seek out acquisitions alongside their focus on organic growth.”
