Cross & Co (Insurance Brokers) has been bought by Adler Insurance Group for an undisclosed sum.
The deal is Adler Insurance’s third in 22 months, following a successful MBO in May 2016 and the purchase of Ellerton Knight insurance brokers in June 2017.
The business will remain at their Kineton office with all current staff members retained. They will continue to service client’s policies in the same way as before, being contactable in the existing ways. Peter Cross and Hannah Powell will continue to be the key contacts for clients and insurers respectively.
Cross & Co has been trading since 2007 and focuses on large and/or complex commercial insurance cases. Their growth over the past 11 years has been predominantly internal, stemming from referrals from clients and those of other professionals, and they have been seeing steady growth over the past several years.
Adler Insurance Group is the parent company of Adler Insurance Brokers Ltd - an independent and Chartered insurance broker. Cross & Co will join the group as a wholly-owned subsidiary of Adler Insurance Group Limited.
Anthony Adler, Managing Director of Adler Insurance Group, said buying Cross & Co reflected the group’s focus on attracting businesses that mirror their own client base and service standards as they continue with their five-year acquisition plan.
He commented: “Just under 2 years ago, I completed a management buyout of Adler Insurance Brokers Ltd and started work on a five-year succession plan. This plan started to take shape last June when we completed our first book acquisition from local Birmingham brokers – Ellerton Knight.
“True to my original succession plan, I am delighted to announce that we have now also completed our first share acquisition of Cross & Co (Insurance Brokers Ltd) who are based in Kineton, Warwickshire.
“We have been very selective when both approaching and being approached by business owners and I am thrilled that the team at Cross & Co have opted to join with us. They have an excellent reputation with insurers and they have impressive relationships with their clients.
“The growth of the business within the last two years has resulted in us expanding our current Birmingham office to house our 40 invaluable employees and we are delighted to now be gaining a further office in Kineton. We are proud to remain an independent Chartered Insurance Broker of choice and look forward to further expansion within the next 3 years.”