US firm swoops for Birmingham insurance broker
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Florida-based insurance firm AssuredPartners has announced the acquisition of Hettle Andrews & Associates, a Birmingham-based brokerage firm.
Hettle Andrews, based at Eleven Brindleyplace, is an integrated risk management and insurance broking firm, focused on the education, charity and corporate sectors.
Co-founded in 2004 by Jon Hettle and Jo Andrews, the business employs more than 30 people and records gross written premiums in excess of £20m for its clients.
AssuredPartners is one of the fastest-growing independent insurance agencies in the US.
Founded in 2011 as a national partnership of leading independent property and casualty and employee benefits brokerage firms, AssuredPartners is now one of the largest brokers in the nation, with offices in 30 states and a growing presence in the UK.
Jon Hettle, director and co-founder said: “All of the directors of Hettle Andrews are delighted to have concluded the sale of the business to AssuredPartners. As part of a wider group, we have considerable opportunity to grow together and to provide the same great service to existing and new clients. This is a new phase in the development of Hettle Andrews and we are excited about the future working together.”
Transcend Corporate, the Midlands, Thames Valley and Hong Kong based corporate finance adviser, was appointed by the shareholders of Hettle Andrews to conduct a confidential sale process and marketed the business to a selected range of international, acquisitive insurance brokers.
Transcend said: “The shareholders were eager to find a buyer outside of the UK who would see their business as a platform for growth in the UK market and with whom they could work collaboratively in the future.”
The Transcend Corporate team was led by partners Ian Curtis and James Cooper and assisted by colleague Tom Nash.
Cooper said: “Hettle Andrews is a unique business in the insurance sector and it has been a pleasure to work with the shareholders. The key to the success of this transaction was understanding their needs from the outset and tailoring our approach to deliver just the right buyer and on the right terms. We have accumulated significant knowledge in the insurance sector through this process and would be delighted to build on that in the future.”
Legal advice to the shareholders was provided by Penelope Garden of Field Seymour Parkes.
The terms of the deal were not disclosed.