Gallagher has announced that it has acquired a controlling interest in Purple Bridge Group Limited - the holding company of UK specialist property insurance provider Vasek Insurance Services Limited (“Vasek”).
The deal includes Vasek’s appointed representative Insure My Villa, and subsidiary brands including Unoccupied Direct. Further terms of the transaction were not disclosed.
Based in Nottingham, Vasek was established 20 years ago in 1998 by Managing Director Richard Berridge to offer easier access for harder to place property insurance, and to provide quality products and excellent service to the broker market. Since then the business has expanded significantly, broadening its product range for customers and achieving consistently strong organic growth.
Vasek and its 80-strong team of insurance professionals specialise in cover for landlords, unoccupied property, commercial property, holiday & second homes, home insurance, high net worth, blocks of flats, rent guarantee and non-standard homes and will continue to be led by MD Richard Berridge. It will become part of Gallagher’s UK Retail division, reporting into Gareth Birch, Managing Director of Gallagher’s UK SME & Personal Lines businesses, which provide tailor-made solutions for small businesses and private clients.
Commenting on the deal, Michael Rea, CEO of UK Retail for Gallagher, said: “As we continue to expand our business through acquisition alongside our focus on organic growth, Vasek is another fantastic addition. It’s a large scale, quality, property-led broker, offering specialist solutions that will be immediately accretive to Gallagher’s UK business.”
He continued: “Vasek’s complementary product range will further strengthen our established specialism in providing tailor-made solutions to property owners for harder-to-place risks, expanding our routes to market and ensuring we maximise customer choice. We look forward to working with Richard and his team to grow the business further.”
Richard Berridge said: “Over the last 20 years we’ve built a talented, specialist team of passionate and dedicated individuals who have developed great customer products and five-star service. That’s something we’re hugely proud of. It’s now the right time to come together with the right global partner to help us continue our strong growth story — and Gallagher is the perfect fit for us. We’re looking forward to benefiting from enhanced specialist support services and greater financial strength, to enable us to keep delivering for our customers. Gallagher’s investment is a brilliant testament to all the team has achieved so far and their belief in our future success.”
J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co, concluded: “Vasek is a high-quality, broker with strong growth potential offering businesses and individuals a broad selection of tailor-made property solutions. I am delighted to welcome Richard and his associates to our growing global team.”