Consolidator Jelf makes two acquisitions in one week

by Gill Montia

Story link: Consolidator Jelf makes two acquisitions in one week

Jelf, the Bristol-based insurance sector consolidator, has made two acquisitions this week.

On Wednesday the firm announced it had purchased Argyll, a Sussex and Kent-based broker, for £9.94 million.

By Thursday Jelf had acquired Clarke Roxburgh, the commercial insurance, personal insurance, and independent financial adviser, with offices in Hereford, Ledbury, and Ross-on-Wye. The acquisition was made for £18.3 million.

The two purchases have increased Jelf’s GWP 35%, from £175 million, to £242 million. Clarke Roxburgh accounts for £46 million of this growth. The broker operates from ten offices across the West Midlands.

Meanwhile, Argyll’s expansion plans include a GWP target of £60 million by 2010.

Last month, Jelf acquired Devon-based Bob Gee insurance brokers and Manchester-based Manson.

Jelf’s institutional investors including Allianz and Aviva, both of which hold around 5% of the company.