Oval acquires two new brokerages

by Gill Montia

Story link: Oval acquires two new brokerages

Oval Group, the insurance broker consolidator, has made two new purchases: Powell Insurance Brokers of Liverpool and Wrexham-based Williams Insurance Brokers.

The acquisition of Powell, which employs 40 staff and has turnover of £3.4 million, will strengthen Oval’s position in north-west England, where the group has plans for further expansion.

Powell specialises in the corporate sector and has clients in the construction, poultry and food and beverage industries.

Williams Insurance Brokers is a family-owned business that has been trading for over 35 years and currently employs 10 staff.

The company provides commercial insurance across a range of sectors, including motor trade and retail, but has a core focus in the construction and engineering sectors.

Oval’s group managing director, Jeff Herdman, describes both the firms joining the group as highly respected brokerages with long-standing client relationships.

In terms of gross written premium, Powell is the larger business at £16 million; for Williams the figure stands at £4 million.

Oval, which was established in 2003, is rumoured to have recently secured new financing and further acquisition are expected in the months ahead.