Harrison Drury wins £60m acquisitions brief with County Insurance

Harrison Drury has been appointed to advise on an ambitious regional acquisitions spree by insurance broking subsidiary County Insurance NW Ltd.

County Insurance NW Ltd has been set up to act as an acquisitions division of County Insurance Group, the personal and business insurance brokers, and is looking to buy up two new insurance brokerages per year over the next five years.  

Through the subsidiary, County Insurance Group aims to build up a regional branch network of insurance brokers taking current premium income from around £20m up to £60m in the same period.

County Insurance Group, which has offices in Crewe, Southport and Chorley, is also looking to establish a separate underwriting group to write a portion of the business from its retail insurance operations as part of the growth strategy.

County Insurance NW Ltd has instructed Harrison Drury’s mergers and acquisitions team to advise on fundraising, due diligence and legal advice for the acquisitions.

Alastair Christopherson, managing director of County Insurance NW Ltd, said: “Our market research shows us that many brokers are looking at an exit within the next few years. We plan to take advantage of market conditions to build an independent broking group that can expand rapidly in the region over the next five years, and our acquisitions strategy is a major part of this growth plan.”

David Filmer, head of mergers and acquisitions at Harrison Drury, said: “The insurance broking market is going through a period of huge change due to an aging broking population, consolidation of insurers and increasing regulation. County Insurance NW Ltd has a deep understanding of the market and a focused acquisitions strategy and we’re excited by the prospect of helping the firm to achieve its growth plan.”

County Insurance Group, which employs 70 staff across three offices, provides a full suite of insurance services to private individuals and businesses, including individual and fleet vehicle insurance, public liability, indemnity, shop and commercial property insurance.