Venture Preference Announce Triple Crown Of Acquisitions

by Stewart Douglas

Story link: Venture Preference Announce Triple Crown Of Acquisitions

Insurance group Venture Preference has today announced an increase in its gross written premiums figure after several notable acquisitions within the insurance brokerage market helped boost profitability across its business divisions.

The holdings group announced that its top level gross written premiums figure had increased by £25 million thanks to the acquisitions of two medium size brokers through its Smart & Cook subsidiary, and one additional takeover under its Stuart Alexander division.

The first acquisition saw broker Castlebank, with a top line GWP of £8 million join the group, adding to the company’s commercial and healthcare product line expertise, as well as increasing consultancy clout in both these major service areas.

Joining Castlebank, Kendal based agricultural specialist broker Talbot was acquired under the Smart & Cook umbrella, adding an additional £10 million GWP with particular secondary interests in commercial and personal insurance markets aside from its niche agricultural provision.

Finally Neville Insurance Consultants, a consultancy firm based in Slough which already holds Blake Marston Priest in subsidiary will join the company under the Stuart Alexander brand to complete the latest round of acquisitions.

The acquisitions will strengthen the VP portfolio amongst established insurance sectors, whilst bringing a more diverse range of specialisms to the group. Speaking today on the acquisitions Venture Preference stated that there will be no staff cuts at any of the acquired subsidiaries with the exception of Neville chairman Tony Neville who will retire from his post following the move.

Chief executive of Venture Preference Paul Meehan, on the acquisitions, said that he was pleased with the acquisitions of Castlebank and Talbot which will bring additional expertise within the group’s healthcare lines.

Meanwhile executive Stuart Reid suggested that the round of acquisitions would increase stability and client service provision at Venture Preference to provide long term shareholder value.