A Surrey-based insurance broker has been acquired by Verlingue in a deal which triples the size of the French acquirer’s presence in the UK market.
Verlingue said the addition of ICB Group puts the group – and its UK subsidiary Finch – alongside the main independent insurance brokers in the UK with premiums of £130m, 175 employees and five locations.
The acquisition is designed to consolidate the presence of Verlingue and Finch in the key UK market.
ICB Group and Finch are expected to work collaboratively to further their strengths and to identify best practices to benefit clients, staff and drive profitable growth.
“Since the buyout from IAG in 2012, ICB Group has continued to expand and develop into one of the most successful and leading brokers in the UK,” said Neil Campling, chief executive of ICB Group.
“Our client base has also expanded and developed both in terms of size, but also in the demands and level of sophistication they require. ICB has taken the sensible view that we have to continue to evolve in order to remain relevant to our clients.”
“As they have expanded, many of our larger clients now have an international dynamic to their business and so we need to ensure we are in a position to be able to service them appropriately. As part of this we believe it is essential that we can continue to trade effectively across the EU post Brexit. Joining Verlingue helps ICB meet these various needs and puts our business in what we believe is the right position for the future.”
Mike Latham, managing director of Finch, added: “We see the skills, location and breadth of services that ICB offer to be hugely complimentary to that of Finch. The greater scale which the ICB team will bring will enable us to collectively forge a company that will be a leading player in the UK independent broker market.”
Jacques Verlingue, chairman of Verlingue and the Adelaide Group, said the combination ICB and Finch’s expertise was a “great opportunity for both teams, their clients and their partners”.