Bristol-based broker Hayes Parsons Insurance Brokers has successfully completed its first acquisition, since its Management Buy out in 2015, of specialist yacht underwriting agency Admiral Marine for an undisclosed sum.
The acquisition was supported by local professional advisors Gregg Latchams solicitors and Corrigan Associates accountants.
Based in Salisbury and with an insurance turnover of £1.4 million, Admiral specialises in insuring sailing yacht and motor boat vessels on a worldwide basis.
The acquisition will allow Hayes Parsons to expand its already established commercial marine and yacht offering. As well as the obvious marine connection, both companies share similar values with a focus on staff development, professionalism, client relationships and risk management.
Admiral Managing Director, Robert Holbrook, who founded the company in 1991, will continue to lead the Admiral team. Robert commented: “I have been considering options for Admiral for some time and my priority was to find a partner who shared the same values and to ensure that our clients would be in safe hands. Having worked with Hayes Parsons over the last few months I am excited for the future of the combined businesses”.
Hayes Parsons Managing Director James Woollam added: “Following five years of sustained growth and our recent achievement of Chartered status, making an acquisition feels like the natural next step on our journey. We have been very fortunate in finding Robert and his team at Admiral as the two companies complement each other fantastically well”.