Brown & Brown (Europe) has completed the acquisition of 100% of the shares in UK-based insurance broker Berkeley Insurance for an undisclosed sum.
This marks the first broking deal executed by the company in the UK, subsequent to its rebranding from Global Risk Partners in September this year.
Berkeley has offices in Edinburgh, Birmingham and London, with headquarters in Leicester to serve mid-market clients in the region.
Although Berkeley provides generalist expertise, it has a dedicated team for commercial property and construction, financial risks, cyber, private client and corporate client insurance lines.
Berkeley will now join the UK retail unit of Brown & Brown.
Current Berkeley chairman and CEO Tim Maxted, finance director Jonathan Yeeles, and the management team and staff of the company will also join the retail unit.
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The Berkeley brand will be retained following the acquisition, with the business operating from its existing offices, the company noted.
Maxted said: “We are excited about the next chapter for Berkeley, for our customers and our team, and taking advantage of the opportunities from our future partnership with Brown & Brown.”
Brown & Brown also plans to incorporate more solutions and product lines in the future. It will execute a trade credit through Xenia, which is slated to become part of the company in Q4.
Further solutions in healthcare will be included through Premier Choice Healthcare, a specialist healthcare business of Brown & Brown.
Brown & Brown Europe CEO Mike Bruce said: “Berkeley is an excellent advice-led broker which, under Tim’s leadership, is characterised by strong organic growth, a clear strategy and a highly entrepreneurial, respected management team.”
“It brings a number of sector, product and proposition capabilities to our retail division in the mid-market customer segment.
“We will be looking to leverage the Berkeley team’s extensive experience and areas of specialism across our UK operations.”
In September 2023, the company signed a deal to acquire UK-based Occam Underwriting.