Broker Network, the UK’s network of regional independent insurance brokers, today announced that Highbridge Principal Strategies, (“HPS”) has agreed to acquire a majority interest* ensuring the Company’s independence whilst strengthening its service and value proposition to Network members.
Commenting today, Broker Network’s CEO, Andy Fairchild, said: “The strategic investment by HPS enables Broker Network to continue as the leading industry player in UK insurance broking. The investment is a game-changer for the Company and will transform our business by providing us with the resources and capabilities needed to further strengthen our position as the driving force in independent broking.”
To assist in developing and implementing new strategies within the Company, Des O’Connor has been appointed as Chief Commercial Officer. In this role, he will focus on maximising value to the Network’s membership. Des joins from Brightside Group, where he held the position of Chief Commercial Officer. Prior to that, he was Managing Director of Gallagher Insurance Solutions for three years, a division of Gallagher Heath.
Des O’Connor added: “Broker Network has embarked on an exciting ambition to become an even greater force in UK regional broking. We have a significant opportunity to further develop our offering to members and I look forward to helping to drive the Company forward during this transformational time in the Network’s history.”
Oliver Feix, Managing Director HPS concluded: “Broker Network’s status as an independent thinking business is central to the achievement of its vision. The Company has a prominent brand, market-leading services and a loyal membership and will continue to be led by the strong and stable Management Team. Bringing the Network into our portfolio of companies allows us to provide the long-term focused support that the Network and its members need to realise its full potential.”
The Network will continue its focus of delivering market-leading services for its members as it always has done including compliance, agency, client money, marketing, HR and systems support all via the dedicated 140 strong in-house team.
*subject to appropriate approvals