East Anglian insurance broker Alan Boswell Group has taken a further step into the Cambridge market after snapping up a firm in a multi-million pound deal.
The acquisition of Cambridge-based S-Tech Insurance Services Ltd takes Alan Boswell Group's total gross written premium to £82m, and its staffing numbers beyond 300.
S-Tech was founded in 1982 and offers a full range of commercial, credit and personal insurance products to clients from blue-chip corporates to not-for-profit organisations, and specialises in the science and technology sector. It will continue to operate under its own name and retain all its 65-plus staff.
Executive chairman Alan Boswell said: 'We have been actively looking to broaden our reach into Cambridgeshire and S-Tech is the perfect fit. The company shares the same values as us, providing expert, friendly advice to its clients.
'But S-Tech also offers the group something new, because it specialises in technology and science, research and development and credit insurance. I'm particularly pleased that we have been able to secure S-Tech's independence, which is a rarity these days.'
Alan Boswell Group has six offices across East Anglia, including Bury St Edmunds, Attleborough and a head office in Norwich.
Shaun Walker, founder and chief executive at S-Tech, said: 'The sale provides security for our staff and enables us to grow our business in our chosen sectors under our existing brand and management.
'I'm sure both our existing and new customers, professional networks and introducers will continue to benefit from the group's commitment to customer service – a key driver in reaching this agreement.'
Alan Boswell Insurance Brokers directors Chris Gibbs, Alastair Drew and Mr Boswell will join Shaun Walker, Desmond Matthewson and Laurence Hill, on the board of the new company.
The deal was supported by business advisers Grant Thornton, which acted for S-Tech to seek buyers before identifying Alan Boswell Group as the preferred bidder.
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