Swinton acquires CBG Group personal lines business
CBG Group has announced that it has sold certain parts of its personal lines business to Swinton.
The unit currently generates annual revenue of £370,000 and is break even at the operating level.
The Manchester-based broker and financial services specialist says the move is in line with its strategy of focusing on its corporate insurance customers.
Group managing director, Mike Askew, comments: “We continually review our operating activities, with the aim of becoming more focused without adversely affecting earnings.”
He adds: “The exit from this non-core business achieves our objective of concentrating on our core broking businesses, including the high net worth private clients division, where we enjoy strong market positions that offer good growth prospects and potential for developing long-term shareholder value.”
Last week, CBG appointed Daniel Stewart & Company to work alongside existing nominated adviser and broker, Zeus Capital, and handle its institutional investor and shareholder relations.
The firm will also be responsible for providing advice to CBG on shareholder matters, as well as looking after the company’s larger investors.
Category: Companies News, Insurance News, Swinton Insurance News
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