Insurance broker Russell Scanlan has acquired Building & Land Guarantees (BLG) to enhance growth opportunities.
Both firms intend to benefit and provide Russell Scanlan property sector clients access to an extended and bespoke service.
Founded in 2006, BLG is an insurance broker that specialises in long-term construction products. This includes warranties for residential properties, insurance-backed guarantees and commercial property warranties as well as component parts guarantees.
BLG will continue to operate under its band and with its 12-strong team. Mike Dickinson and Matt Franklin from Russell Scanlan will join the board.
Through the deal, BLG will also become part of Acrisure, the global fintech.
Mike Dickinson explained: “While Russell Scanlan continues to deliver its successful growth plan, we recognise that partnerships with those operating as specialists in specific sectors can be mutually beneficial – and certainly BLG’s reputation is substantial in its field. In addition, there are several synergies between the Russell Scanlan and BLG brands and location will play its part – both well-established East Midlands brokers with a strong foothold in the UK’s heartland.
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By GlobalData“This new partnership will allow the businesses to tap into existing client networks and will help both Russell Scanlan and BLG to share expertise in their respective specialist fields.”
Paul Rose, director at BLG, said: “Our values at BLG bear strong similarities to Russell Scanlan’s, both being East Midlands-based insurance brokers with robust ties to our respective fields and high levels of service recognised by our industry and client groups. Our growth has resulted from providing a friendly, personal service with nearly 20 years of experience in long-term construction projects. We will continue to adopt this bespoke approach under the BLG brand, with the support of the Russell Scanlan team.”
This is not the only deal today as Sunday, a Thailand-based full-stack insurtech company, has closed the purchase of KSK Insurance Indonesia for an undisclosed sum.
According to Sunday, the deal positions it as one of the largest fully licensed insurtech groups in the region’s two biggest general insurance markets, with revenues exceeding $100m (Bt3.54bn).
KSK Insurance Indonesia, a general insurance provider, reported gross written premiums of around $40m as of 2023.
The company’s portfolio includes car, property and cargo insurance, distributed through a network of agents and brokers in key Indonesian cities such as Jabodetabek, Bandung, Surabaya, Medan and Bali.
