Specialist corporate insurance broker Verlingue announced it has acquired independent UK broker ICB Group. Financial details of the deal were not released.
With the acquisition of Egham, England-based ICB, Verlingue triples its size in the UK market. It helps to position the group – and its UK subsidiary Finch – as one of the main UK independent insurance brokers with premiums of £130 million ($167.6 million), 175 employees and five locations, Verlingue said.
Verlingue said the purchase:
It combines the presence of Verlingue and Finch in the UK, which is a priority country for Verlingue, with many medium-sized companies and large corporations.
ICB Group and its clients through a worldwide gateway to Europe and the Worldwide Broker Network (WBN) network, the world’s largest international independent broker network.
Verlingue, located in Quimper, France, is aiming to cooperate with ICB Group and Finch’s customers to develop their strengths and define best practices in order to create a common asset for employees and profitable growth.
Verlingue and its parent company, Adelaide Group Jacques Verlingue, said: “Verlingue is striving to be an independent broker of a leading family company in the UK and will be a great platform to build with the ICB and Finch merger.” “The ICB is one of the leading independent commissioners in the United Kingdom with a similar ethos to Verlingue. We see the ICB and Finch’s potential to bring their entrepreneurial spirit and talents together as a great opportunity for both teams and customers and partners. “
“Since IAG’s acquisition in 2012, ICB Group continues to develop and become one of the UK’s most successful and leading brokers,” said Neil Campling, CEO of ICB Group. “The customer is not at the base, both in terms of size and in complexity demands and needs that have been expanded and developed.”
As the ICB has developed a “logical view” that needs to evolve to maintain its relationship with customers, Campling says, “as our customers expand,” many of our large customers now add an international dynamism to their business, and that’s why they can serve them appropriately. “
“As part of that, we believe it is important that we continue to be able to effectively trade across the post-EU Brexit. Participating in Verlingue helps the ICB meet these different needs and puts us at the point where we believe it is the right position for the future. ”
Mike Latham, head of UK-based Finch in Manchester, said: “We are delighted to welcome the ICB Group to the Verlingue family. We see the talents, the space and the breadth of the services the ICB offers so much to Finch. The larger scale the ICB team will bring will enable us to collectively create a company that will be a leading player in the UK independent brokerage market. “
Verlingue’s strategy, which specializes in job protection, is to seek new growth forces in Europe. The broker is 20 percent in France, 20 percent in the UK and Switzerland. It aims to increase this figure to 50 percent. In 2016, only 5 percent of the corpse comes from international business.
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