Insurance broker acquired in undisclosed deal

SHROPSHIRE insurance broker Whitchurch Insurance Services has been acquired by County Insurance NW in an undisclosed deal.

County Insurance, the acquisitions arm of Chorley-based broker County Insurance Group, is run by Alastair Christopherson and Philip Knight.

It said the purchase was the first of a number of planned acquisitions as it sought to add a regional branch network with a view to doubling the size of its business over the next five years.

Following the acquisition, Whitchurch’s co-owner David Bilborough has retired from the business while his counterpart Paul Adams has stayed on to manage it.

Whitchurch employs three staff arranging insurance for both businesses and individuals, and it has a turnover of £1.1m. Both the staff and the Whitchurch brand are being retained.

Mr Christopherson, who is managing director of County Insurance NW, said: “I’m delighted we have got our first acquisition over the line. As a well-run community broker with loyal customers and excellent staff, Whitchurch Insurance is exactly the sort of business we had in mind when we launched County Insurance NW.”

County Insurance employs 75 staff at offices in Chorley, Crewe and Southport. It plans to acquire at least two independent brokerages a year in a bid to increase gross written premiums from their current level of £20m a year to £60m.

The firm was advised on the deal by Preston-based law firm Harrison Drury. Corporate partner David Filmer said: “County Insurance NW Ltd has a deep understanding of the market and this first acquisition fits perfectly with the company’s strategy for growth.

“A number of factors in the insurance broking market mean more business owners are looking at exit strategies and County Insurance is well-positioned to maximise any acquisition opportunities.”