Gallagher, the global re/insurance brokerage and risk management services firm, has acquired a controlling interest in Purple Bridge Group Limited, the holding company of UK specialist property insurance provider Vasek Insurance Services Limited.
The deal includes Vasek’s appointed representative Insurance My Villa, as well subsidiary brands including Unoccupied Direct, although no further terms of the transaction were disclosed.
Established in 1998 by Managing Director Richard Berridge, Vasek specialises in cover for landlords, unoccupied property, commercial property, holiday & second homes, home insurance, high net worth, blocks of flats, rent guarantee and non-standard homes.
Following the acquisition, Vasek will become part of Gallagher’s UK Retail division. Its 80-strong team will continue to be led by Berridge, who will report to Gareth Birch, Managing Director of Gallagher’s UK SME & Personal Lines businesses
“As we continue to expand our business through acquisition alongside our focus on organic growth, Vasek is another fantastic addition,” said Michael Rea, Chief Executive Officer of UK Retail for Gallagher. “It’s a large scale, quality, property-led broker, offering specialist solutions that will be immediately accretive to Gallagher’s UK business.”
He continued: “Vasek’s complementary product range will further strengthen our established specialism in providing tailor-made solutions to property owners for harder-to-place risks, expanding our routes to market and ensuring we maximise customer choice. We look forward to working with Richard and his team to grow the business further.”
Berridge also commented: “Over the last 20 years we’ve built a talented, specialist team of passionate and dedicated individuals who have developed great customer products and five-star service. That’s something we’re hugely proud of. It’s now the right time to come together with the right global partner to help us continue our strong growth story — and Gallagher is the perfect fit for us.”
“We’re looking forward to benefiting from enhanced specialist support services and greater financial strength, to enable us to keep delivering for our customers,” he added. “Gallagher’s investment is a brilliant testament to all the team has achieved so far and their belief in our future success.”
Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co, concluded: “Vasek is a high-quality broker with strong growth potential, offering businesses and individuals a broad selection of tailor-made property solutions. I am delighted to welcome Richard and his associates to our growing global team.”
The announcement follows Gallagher’s recent acquisition of UK-based Portmore Insurance Brokers, which it purchased for an undisclosed consideration.
