Scotland’s largest independent insurance broker has marked its 50th anniversary by completing a seven-figure deal to expand its presence in the north east.
Perth-based Clark Thomson Insurance Broker (CTIB) reached its operational milestone last week before it signed off on an agreement, the exact value of which has not been disclosed, to purchase Willis Group’s Scottish commercial insurance business unit.
The majority of the acquired operation is based in Willis’s offices on Queen Street in Broughty Ferry, but it also has a small team in Glasgow.
All 24 Willis employees are to be retained following the merger, and the plan is ultimately to relocate the workforce to CTIB’s main Dundee office on Perth Road.
The deal was secured by CTIB managing director Ben Bailey, who previously spent several years running the Willis business.
“I left Willis three or so years ago but I have watched their progress with interest, and then the acquisition opportunity came about when Willis made some strategic decisions to exit certain lines of business,” Mr Bailey said.
“Initially we will continue to operate the business from Broughty Ferry, but our intention is to bring that team of people into our existing offices on the Perth Road.
“As part of the transaction we are buying the Broughty Ferry premises as well, and at some point later this year we will look to do a deal to dispose of that.”
Mr Bailey said the acquisition which increases the firm’s footprint to 11 offices from the Central Belt to the Highlands and its workforce to more than 200 staff represented a major opportunity for the firm and increased its insurance premium throughput to more than £60 million annually.
“It is a very good business. They have got some fantastic clients and are really robust,” Mr Bailey said.
“We are the biggest Scottish independent insurance broker and are in a good position.
“We will spend a bit of time integrating and consolidating the acquisition properly and then we will look at other acquisition opportunities, although I expect them to be smaller than this one.”
Founded in 1965, CITB celebrated 50 years in business earlier this month and is keen to expand its commercial and private-client work streams.
“The strength of our expanded business, allied to our client-focused business model, will further enhance our commitment to clients and staff alike, and having a new branch presence in Glasgow gives us a fantastic opportunity to grow further in Glasgow and right across Scotland’s Central Belt,” Mr Bailey added.