October 23 2014 Latest news:
Sunday, May 18, 2014
Two Norfolk companies have joined forces to grow their insurance businesses in Norwich and Cambridge.
Financial services company NW Brown Group, in Unthank Road, Norwich, has announced the sale of its Cambridge-based insurance arm to One Broker Ltd which already owns Knowlden Titlow Insurance Brokers (KTIB) on the city’s Broadland Business Park.
NW Brown Insurance Brokers will continue to operate from its premises in Regent Street, Cambridge, under the same name.
Alan Kefford, chairman of NW Brown Group, described the deal, the financial terms of which remain undisclosed, as “the logical culmination of a long process of co-operation”.
He said: “While our position in East Anglia as a top quality financial services operation is strong I am delighted to have access to better specialist services for our clients via KTIB as well as N W Brown Insurance Brokers Ltd.
“We are always seeking ways of improving service for existing clients and of introducing new clients for whom we can provide that high level of service and this closer partnership gives the prospect of doing both.”
NW Brown Group chief executive Marcus Johnson explained that modern-day insurance broking was a highly specialist and niche business.
KTIB’s expertise in fleet insurance could now be grown in Cambridge as well as Norwich; meanwhile NW Brown Insurance Brokers’ experience in landlord and tenant insurance from the Cambridge market would be translated to Norfolk - building on work that had already started in recent years.
He confidently predicted the growth would lead to new jobs being created.
Under the deal, Robin Plaster, managing director of KTIB, will become managing director of N W Brown Insurance Brokers and Phil Thorpe will become broking director, with responsibility for running the operation on a day to day basis, along with fellow directors Shaun Lenton and Richard Rampley.
Mr Thorpe will join the board of KTIB and John Knowlden the board of N W Brown Insurance Brokers.
Mr Plaster said: “We have both built our firms on high quality advice and efficient execution. I look forward to working with our new colleagues to grow our business in what is perhaps the most exciting area of the country intellectually, technologically and financially.
“Our insurance solutions have applications in all areas and I look forward to working with Phil and his team to develop our strong presence in East Anglia. We are confident that the combined skill set of the two firms will make us a recognised leader in our chosen field. ”
N W Brown Insurance Brokers will continue to develop business in its other specialist sectors such as education, technology and financial liabilities.
One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.