This is the first deal by CCIB since it was itself purchased by GRP earlier in 2018, and CCIB Managing Director, Debbie Airey, said that after completion, Key Insurance will move into the offices of CCIB.
Debbie said: “I am thrilled to welcome Key Insurance to CCIB and GRP. Directors, Clive Turner, Jeff Grundy, and their team have a long history of insurance broking in Lancashire, so they are a natural fit for us.”
The business is based in Longridge, near Preston. 75% of the book is commercial, with the remainder personal lines. Clive Turner will remain with the business post completion and Jeff Grundy will retire.
Clive Turner said: “CCIB are well-known to us and share the same focus on building strong client relationships in the local community. I believe that, alongside CCIB and as part of the GRP family, Key Insurance is set for further growth, taking advantage of GRP’s size and scale to drive better deals for our clients.”
Mike Bruce, Group Managing Director for GRP, said: “I’m delighted that CCIB has completed its first acquisition since becoming part of GRP.”
He added: “We encourage all our businesses to look for acquisition opportunities that make strategic sense, and Key Insurance is a perfect match for CCIB.”
He said that GRP’s acquisition pipeline “is looking extremely strong for 2019, both from the Group centre and our existing businesses.”
He said: “This acquisition, by CCIB, highlights the encouragement we give to all our businesses to seek out acquisitions alongside their focus on organic growth.”