Broker Network, the UK’s leading network for independent insurance brokers, is extending its regional footprint with the acquisition of Lincolnshire-based Thompson & Richardson.
This deal follows the acquisitions of Finch Group in October 2016 and Boyd Insurance in May 2017 and will see Chris Travers and his senior team stay on at the brokerage and continue their acquisition programme.Established in 1964, Thompson & Richardson has grown considerably to become one of the largest independent insurance brokerages in Lincolnshire and the surrounding area.
The business which has a strong regional profile controls £27m GWP and is focused on commercial lines business.Thompson & Richardson operates from four offices in Sleaford, Boston, Grantham and Lincoln and employs 75 members of staff.
Commenting on the partnership, Des O’Connor, Broker Network’s Chief Commercial Officer said: “Broker Network Partners is gaining real momentum as a result of our unique position within the market. We have made it clear that we want to support the growth of regional brokers and grow our network of regional partner centres across the UK; this latest investment proves that we are delivering on our strategy.
“The investment into Thompson & Richardson will provide us with a strong platform in the East. The senior management team at Thompson & Richardson is extremely strong and they have a real opportunity to further grow the business. I look forward to supporting Chris and the team with their future acquisition plans across the region.”
Chris Travers, Director at Thompson & Richardson Ltd added: “I am delighted that we are partnering with Broker Network for the next stage of our development. Our management team are excited about forging a strong business alliance with a like- minded commercial partner which will enable us to further strengthen what we believe to be an already successful company.“It was vital for us when choosing a partner that they enable us to maintain our client relationships in the same way we always have and Broker Network was the perfect fit.”