Oval Acquires FMW

by Stewart Douglas

Story link: Oval Acquires FMW

Oval has today announced it has acquired risk advisory service FMW in a move designed to strengthen its reach and consolidate its regional holdings within the wider insurance industry.

The move comes off the back of the acquisition of Cook Sheppard Pinhey, and marks the second deal of 2008 thus far reflecting the extent of Oval’s planned expansion throughout the regions, with several additional acquisitions planned for the next few months of the year.

Recently formed, FMW has recently recorded an annual GWP of £25 million working across a number of industry sectors from construction to media. Executive Peter Blanc will assume the role of regional MD of Oval and its Eastern presence, with responsibility also for his office overall.

“The acquisition of FMW and Cook Sheppard Pinhey marks the creation of a new Eastern region for Oval. Working with Cook Sheppard Pinhey will mean that we can now each bring together our expertise and areas of specialism, providing an even wider ranging service to our clients,” said FMW managing director Peter Blanc.

“I have known Peter for many years, and we are looking forward to working together. As always, excellent client service will remain our core value and we are very pleased to be leading Oval’s commitment to growth in the Eastern region,” said Peter Bradbeer of Cook Sheppard Pinhey, who will also head up his own respective office.

Oval has suggested today overall that it is pleased with the progress in terms of acquisitions, which have been fuelled by an ambitious expansion plan with longer term aims over the course of 2008. However with the growing unrest in the market, it remains to be seen whether Oval’s plans will come to fruition in light of the credit crunch and finance difficulties.