Leicester-based Brokerbility has bought a controlling interest
in Midlands commercial broker O'Connor and Co and plans further
deals in future.
Brokerbility, a group of independent insurance brokers with a
combined buying power of more than £400 million, which was
established by Leicester broker Brett & Randall, has acquired a
majority shareholding in the Northampton firm.
Brett and Randall director and chairman of Brokerbility Group
Ashwin Mistry said: "This acquisition strengthens both the group
and O'Connor and Co. Their reputation in Northampton gives us a
strong presence in the East Midlands, and as part of the
Brokerbility Group, they add to our combined buying power, which
benefits all clients of group companies nationwide."
O'Connor and Co was formed in 1964 and caters for clients
ranging from large corporations with significant insurance
expenditure to sole traders. The business will continue to trade as
O'Connor and Co and will retain all its 42 staff.
The Northampton based broker has written premiums around
£15 million, and specialises in commercial insurance covering
areas such as employers liability, public and product liability and
business interruption. It also provides personal insurance,
offering cover from caravans to yachts.
The deal, worth in excess of £2m, was financed by The
Royal Bank of Scotland.
Nic Hanlon, from RBS' Structured Debt Solutions team, said:
""Brett & Randall is a business that has consistently performed
well and the increased investment in O'Connor & Co is a
reflection of its progress. The deal will strengthen their market
position and provide new opportunities to grow the businesses."
Brokerbility was advised by solicitors Spearing Waite.