Thursday 17th July 2008
Synergy initiates acquisition plan
A company formed to build a group of insurance brokers is celebrating its first acquisition after completing the takeover of a business in Bedford. Synergy Plus has bought CUS Underwriting, which places more than £6 million of insurance premiums a year.
The financial terms of the transaction are yet to be disclosed.
CUS focuses on serving small businesses in the wholesale and retail sectors and is the first move in Synergy’s strategy to create a network of 25 to 30 local brokers.
The acquired business will continue to trade under its brand, with all future acquisitions also retaining their identities.
Synergy plans to target companies with turnovers of between £500,000 and £1.5 million. Chief executive David Atkinson says: 'Despite significant consolidation in the insurance industry over recent years, the market remains quite fragmented and we feel that there is an excellent opportunity to exploit a gap in the mid-capital sector.'
He adds that the board is aiming to add four more brokers to the Synergy's portfolio in the next 12 months.
Mark Dunne
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