Brown & Brown (Europe), a division of insurance broker Brown & Brown, has announced the acquisition of two UK-based companies to expand its retail operations.
The company did not disclose the financial details of the transactions, which include Garratts Insurance Brokers (Garratts) and the business and assets of BNF Insurance Services (BNF).
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Garratts was established in 1877 by George Garratt.
Under the leadership of current directors Richard Garratt and John Grindley, the company is said to have experienced a period of growth, offering a diverse range of products to commercial and small business clients, property owners, charities and contractors.
The FCA has approved the acquisition.
Brown & Brown (Europe) regional managing director Alastair Christopherson 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.
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By GlobalData“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.”
Situated in Clacton, Essex, BNF is a retail broker that specialises in insurance for commercial entities, creatives, as well as property and motor insurance.
Barry Burns, the sole proprietor of BNF, along with his team, will join the Brown & Brown team at the WM Brokers office in Ipswich, extending the company’s services to the East Anglia region.
Global Risk Partners, also a part of Brown & Brown, acquired WM Brokers in July 2022.
WM Brokers managing director David McGowan said: “It is 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.”
This move follows Brown & Brown (Europe)’s acquisition of R McGee Insurance Brokers, a family-run brokerage based in Maesteg, Glamorgan, in December 2023.
R McGee has been providing independent advice and insurance solutions to individuals and businesses since 1974.
