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Daily Insurance Industry News
Monday 20th of May 2019
April 3, 2009

Ecclesiastical acquires 40% stake in Lycetts

by David Masters

Story link: Ecclesiastical acquires 40% stake in Lycetts

Gloucester-based insurer Ecclesiastical has bought a 40% stake in specialist broker Lycetts, and said it plans to increase this holding over the next few years.

Lycetts offers insurance to farms, estates, historic houses, fine art, and bloodstock markets.

Headquartered in Newcastle, the company controls gross written premiums of over £70 million. It has 12 offices in the UK and Ireland employ 180 staff.

The move comes just a year after Ecclesiastical acquired its first niche broker, South Essex Insurance Brokers.

Michael Tripp, Ecclesiastical chief executive, said: “Acquiring a stake in Lycetts makes perfect sense for Ecclesiastical.

“They operate in very similar markets.

“They share our values and commitment to protecting important aspects of our heritage.”

He added that Lycetts is a ‘very successful and well-regarded’ company that will help Ecclesiastical broaden its earnings base.

Angus Keate, Lycetts CEO, said: “Selling a minority stake to Ecclesiastical has achieved our objectives both for retiring shareholders and ongoing management and staff.

“During the negotiations it has become quite clear how strong a cultural fit the two businesses are and we are all looking forward to working together to build on this for the benefit of all.”

In 2008, Ecclesiastical posted a pre-tax loss of £22.5 million, compared to a profit of £35.6 million in 2007.

 

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