BROKERTALK 5
First acquisition
for new player
NMJ
Riverbourne joins
COBRA Network
COBRA Network has announced that perfect fi t for our membership profi le.
the Riverbourne Group has joined The management team at Riverbourne
its network of commercial brokers, are committed to further growth and I
bringing total members to 159. know that their decision to join COBRA
Network is part of their aggressive plan
Co-founded in 2002 by managing for the business.”
director Nick Plowman, the Riverbourne
Speakers’ Corner: Lloyd Hanks
Group is a commercial insurance Mr Plowman said: “I am pleased to see
broker based in Caterham, Surrey and Riverbourne join COBRA Network and
has an offi ce in Leeds. The company I look forward to taking our business
Making sense
has experienced rapid growth since forward using the facilities they have
A recently established branch-based broking
inception and had gross written to offer. I’ve known the founders, network, NMJ Insurance Brokers, has completed
premiums of over £12 million last year. Steve Burrows and John Lincoln for its fi rst acquisition. Set up by former Equity
some years and I’m not surprised to
Insurance Brokers’ managing director, Nick Potts
of marketing
John Lincoln, COBRA Network’s see COBRA’s rapid growth. Their vision
and acquisitions & insurer development director,
managing director said: “Riverbourne for the business complements our own
Mike Hutton, last July, NMJ has purchased Ridge
is a highly professional commercial plans.”
Insurance Services, based in Glossop, Derbyshire.
brokerage that has seen rapid growth
Ridge Insurance was originally established in
over the past eight years and is a
1970 and has traded from its current premises
since 1972. It now has over 4,000 commercial and
personal clients. The business has been acquired
from Gareth Morris who will now concentrate on
BIBA, Bluefi n launch
his other brokerage based in Rhyl, Wales.
“We are delighted to have acquired Ridge
D&O scheme
Insurance which is a large branch and has an
excellent local reputation in a very busy town”
said Mr Potts. “We are looking forward to
working with the existing ten-strong team to
Trade body BIBA has appointed broker The policy provides cover for losses
further develop the business going forward and
help achieve its full potential. The team have
Bluefi n as the provider of its new resulting from wrongful acts including:
extensive insurance experience and all employees,
members’ scheme for directors’ and
• Damages, judgements, settlements, including the original founders Bill Higginbottom
offi cers’ (D&O) insurance.
crisis costs, PR costs, prosecution and and Allen Bouchier, will remain with the business”.
defence costs
The policy is underwritten by ACE Mr Hutton added: “This acquisition fi ts perfectly
• Legal representation expenses
European Group and includes a number
with our strategy to buy quality, established
of benefi ts. BIBA members will use ACE
• Costs arising out of extradition businesses in communities which have strong
Online, an internet-based programme
proceedings customer loyalty and, by virtue of being located
backed up by the ACE Underwriting • Tax contributions where the company
in good underwriting areas, can also provide
Centre, to obtain quotes, bind policies has become insolvent and personal
excellent returns for our insurer partners.
and renew. liability ensues
The high levels of recommendations and strong
• Actions between directors of the same retention rates demonstrate the strength of the
Steve Foulsham, BIBA’s technical services
company
business and the support received from the local
manager, commented: “At a time when
community”.
the responsibilities for directors and
• Employment-related wrongful acts
offi cers are increasing, the scheme will
• Whistle blowing
In addition to completing its fi rst acquisition,
enable members to obtain easy access • Pollution
NMJ Insurance has also announced that it has also
for quotations and policy issue, backed
taken on offi ce premises. The new premises at The
• Claims alleging a wrongful act by the
by the expertise of Bluefi n for support
Elsie Whiteley Innovation Centre in Halifax will be
company itself
where required.”
the head offi ce of the new venture going forward.
February 2010 Insurance Brokers’ Monthly
BrokerTalk 4-9 FEB.indd 2 1/2/10 13:35:43
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