Broker wraps up its first acquisition after just 11 months of trading
Prosura, a business and lifestyle insurance broker has completed its acquisition of First Stop Insurance Brokers.
The move by Prosura, which is based in Wakefield and only 11 months into its first year of trading, signals its ambition to become a home for independent, Yorkshire brokers to sell to when retiring from the business.
Jon Newall, CEO, said: “To be able to announce our first acquisition so early in our own journey is a testament to Prosura’s growth and market success, which has strengthened our desire and given us the confidence to bring forward our longer-term growth strategy.”
The deal, which is designed to enhance competitiveness and increase the company’s capacity, has been supported by the team at The Bravo Network of independent UK regional brokers.
It will see the clients and assets of First Stop Insurance Brokers, which is based in Sheffield, integrated into Prosura.
Philip Scoffield, managing director at First Stop Insurance Brokers, said: “When Jon approached me about acquiring my brokerage, the first thing that I did was take a look at how Prosura operates. I wanted to know that my clients and team would be in good hands.
“I couldn’t have asked for a better fit. We are like-minded and share the same values.
“For me, knowing that my clients will continue to receive good independent advice and that my employees have continuity, means a great deal.”
Newall added: “Independent brokers are important for the insurance industry. Those who are looking to retire must be offered a viable alternative to the consolidators operating nationally and I am passionate about becoming just that.”
Prosura was advised by Clarion on the transaction, with a team comprising Nicola Cooper and Jonathan Simms.