Wed, 29 Nov 2023 | BUSINESS SALE
Prosura, a Yorkshire-based business and lifestyle insurance brokerage, has made its first acquisition since it was launched this year. The company has acquired the clients and assets of Sheffield firm First Stop Insurance Brokers, which will now be integrated into Prosura.
The buyer said that the deal, which was supported by The Bravo Network, is expected to enhance its competitiveness and increase its capacity. Speaking when the company was incorporated in January 2023, Prosura founder and CEO Jon Newall (pictured above) said that the firm was targeting £10 million of gross written premium (GWP) within five years and was open to making acquisitions to support this aim.
Following the acquisition of First Stop Insurance Brokers, Newall commented: "To be able to announce our first acquisition so early in our own journey is a testament to Prosura's growth and market success, which has strengthened our desire and given us the confidence to bring forward our longer-term growth strategy.”
Prosura said that the acquisition represents the company’s intention to become a “home” for independent Yorkshire-based brokers to sell to when retiring from their business. Amid high levels of fragmentation in the UK brokerage market, several high-profile national consolidators have emerged targeting smaller firms at scale.
Newall stated: "Independent brokers are important for the insurance industry. Those who are looking to retire must be offered a viable alternative to the consolidators operating nationally and I am passionate about becoming just that."
First Stop Insurance Brokers Managing Director Philip Scoffield added: "When Jon approached me about acquiring my brokerage, the first thing that I did was take a look at how Prosura operates. I wanted to know that my clients and team would be in good hands.”
"I couldn't have asked for a better fit. We are like-minded and share the same values. For me, knowing that my clients will continue to receive good independent advice and that my employees have continuity, means a great deal."
Read more about M&A trends in the UK insurance sector in this exclusive insight
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