Ecclesiastical acquired SEIB
Ecclesiastical, the specialist insurer of churches, has acquired South Essex Insurance Brokers (SEIB) and Equestrian Underwriting Agencies.
SEIB controls gross written premiums of almost £28 million, mostly through its commercial schemes business.
The transaction is expected to be completed towards the end of March and SEIB’s company name, staff and location will be retained following the sale.
However, Ecclesiastical’s group chief executive, Michael Tripp, will chair the new board, and Steve Wood, managing director of Ecclesiastical’s UK and Ireland business, will be appointed a board member.
SEIB’s founder, Barry Fehler, will join the new board, as deputy chairman.
Mr Wood explains the rational for the acquisition as follows: “We have been reviewing our distribution capability, especially in light of increased market consolidation. Buying South Essex Insurance Brokers gives us direct access to a top broker and an established network of sub-brokers to further enhance our ability to reach our target customers.”
Adding: “As its new owners, we will encourage SEIB to continue to offer independent advice and will be able to assist with marketing, distribution and strategic planning.”
Category: Companies News, Insurance News
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