Gallagher has acquired Devon-based commercial insurance broker Pavey Group, in its fourth acquisition of the year.
The terms of the transaction were not disclosed.
Pavey Group has 83 staff and offices in Torquay, Exeter and Holsworth in Devon and in Highbridge in Somerset. It works with businesses in the construction, manufacturing, retail, wholesale, professional service, motor trade, property owners, care and charity sectors.
In addition to its commercial business, it also operates Cottagesure, a bespoke scheme for holiday homes, and is involved in the agricultural sector through Mole Insurance Services – the result of a longstanding relationship with the Mole Valley Farmers co-operative.
Pavey Group will become part of Gallagher’s retail branch network under incumbent managing director, Graham Brown.
J. Patrick Gallagher Jr, chairman, president and CEO of Gallagher, said: “Pavey Group is a very well-respected firm with a complementary culture and mix of business that expands Gallagher’s presence in South West England. We are delighted to welcome Graham and his colleagues to our growing global team.”
Michael Rea, pictured, CEO of UK retail for Gallagher, said: “Pavey Group is a great strategic fit for our UK business, as a long-established, commercially led, growing regional broker with a strong reputation for client service.
“Bringing Pavey Group into our UK branch network will not only significantly increase our client reach in the South West and add complementary expertise, it will also strengthen our client offering in other key niche sectors.”
Graham Brown said: “This is an exciting development for our teams at Pavey Group and Gallagher, one that will help us create even more compelling solutions for businesses based in the South West and beyond.
“Our scale and reputation locally, combined with Gallagher’s national and global reach, will create a winning formula for businesses seeking independent insurance advice and tailored programmes whatever industry or service sector they operate in.”
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