Broker clinches second deal
FAST-growing UK insurance broking and financial services group Oval Ltd has announced its second acquisition in the East of England in as many weeks. Oval has acquired insurance broker and risk advisor FMW, based at Feering, near Colchester, which together with Ipswich-based Cook Sheppard Pinhey - the acquisition of which was announced last week - will give the group a new regional foothold.
FAST-growing UK insurance broking and financial services group Oval Ltd has announced its second acquisition in the East of England in as many weeks.
Oval has acquired insurance broker and risk advisor FMW, based at Feering, near Colchester, which together with Ipswich-based Cook Sheppard Pinhey - the acquisition of which was announced last week - will give the group a new regional foothold.
FMW, which was formed in 2000, has established itself as a highly regarded commercial broker, picking up a string of awards in 2007 including Insurance Times Commercial Lines Broker of the Year, the UK Broker Award Commercial Lines Team of the Year and the British Insurance Awards Commercial Lines Broker of the Year.
It has an annual gross written premium of £25million and a staff of more than 60, providing services for a range of business sectors including logistics and transportation, construction and house building, property owners and general commercial and media.
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Peter Blanc, managing director of FMW, will become regional managing director of Oval's eastern region while he and Cook Sheppard Pinhey' s Peter Bradbeer will continue to head their respective offices respectively.
Mr Blanc said: “We are very pleased to become part of the Oval group and value Oval's commitment to a strong regional model. Working with Cook Sheppard Pinhey will mean that we can now each bring together our expertise and areas of specialism, providing an even wider ranging service to our clients.”
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Mr Bradbeer: added “ I have known Peter for many years, and we are looking forward to working together.”
Jeff Herdman Group Managing Director of Oval, said: “We are delighted that FMW has joined the group.
“The company has an exceptional team of advisers and staff who have a strong understanding of their client's businesses and industries. This alongside the recent acquisition of Cook Sheppard Pinhey continues our strategy to work with the most well respected brokers and to drive business across the region.”