Brown & Brown (Europe) Ltd has made two acquisitions into its Retail segment; 100% of the share capital of Garratts Insurance Brokers Limited (“Garratts”), as well as the business and assets of BNF Insurance Services (“BNF”).
Garratts is a family business dating back to 1877, when it was founded by George Garratt, and the broker has since passed through the Garratt family over several generations.
Current directors Richard Garratt and John Grindley have recently overseen a period of expansion, with customers benefiting from a comprehensive product set, including commercial and SME, property owners, charities and contractors.
Alastair Christopherson, Regional Managing Director, said: “We are thrilled to be acquiring a business with such a long-standing family history, and we look forward to welcoming Richard, John and the rest of the Garratts’ team.”
“The business will continue operating in Preston and I look forward to supporting them as they embark on the next stage of their journey as part of the Brown & Brown team.”
The deal has been approved by the FCA and the consideration is undisclosed.
BNF are a retail broker based in Clacton, Essex, who write insurance for commercial customers and creatives, as well as property and motor.
Proprietor Barry Burns, who operates as a sole trader, and the rest of the transferring team will operate from the WM Brokers office in Ipswich, as part of the Brown & Brown team covering East Anglia.
David McGowan, Managing Director of WM Brokers, said: “It’s great to welcome Barry and his team to Brown & Brown. He has run a highly successful brokerage with a quality book of customers and a strong affinity for the local area where his business operates. BNF will be a valuable addition to our portfolio.”
The consideration for this deal is undisclosed.