Alan Boswell Group, one of the UK’s largest independent insurance brokers and financial advisers, today announced that it has acquired S-Tech Insurance Services Ltd.
Founded in 1982, S-Tech provides guidance on insurance to both businesses and individuals and has more than 65 employees based at its head office in Cambridge. S-Tech will retain its name and all staff as an ongoing enterprise.
The acquisition sees gross written premium for the expanded group rise to £82m, while the Norwich-based firm will see staffing numbers exceed 300 people.
“We have been actively looking to broaden our reach into Cambridgeshire and S-Tech is the perfect fit. The company shares the same values as us, providing expert, friendly advice to its clients. But S-Tech also offers the group something new, because it specialises in technology and science, research and development and credit insurance,” said Alan Boswell, Executive Chairman. “I’m particularly pleased that we have been able to secure S-Tech’s independence, which is a rarity these days.”
Shaun Walker, founder and CEO at S-Tech, added: “We are delighted to become part of Alan Boswell Group. The sale provides security for our staff and enables us to grow our business in our chosen sectors under our existing brand and management.
“I’m sure both our existing and new customers, professional networks and introducers will continue to benefit from the group’s commitment to customer service – a key driver in reaching this agreement.”
Alan Boswell Insurance Brokers directors, Chris Gibbs, Alastair Drew and Alan Boswell will join Shaun Walker, Desmond Matthewson and Laurence Hill, on the board of the new company.