Scotland’s Borland Insurance has been acquired by the US-based insurance broker, AssuredPartners.
Completed today (1 February), the deal will establish AssuredPartners’ Scottish presence, providing a “platform” for further expansion in the area.
Borland’s 30 staff members will remain under the leadership of John Silcock, CEO at the firm, and continue to operate across its offices in Edinburgh, Aberdeenshire, Fife, and Colchester.
Silcock said: “It quickly became clear that AssuredPartners offered something different to the other acquirers out there. The cultural synergies between ourselves and AssuredPartners were obvious from the outset of our conversations.
“This gave me the comfort that post acquisition our clients would remain paramount to our service offering, whilst at the same time allowing the Borland team to be an integral part of the exciting project of growing the AssuredPartners’ operation across the UK retail space.”
Operating over roughly 7,000 employers, AssuredPartners has acquired more than 325 agencies since it was established in 2011.
The latest deal follows acquisitions in Birmingham and Chester, as the group looks to extend its footprint in the UK retail brokerage market.
David Heathfield, CEO at the group’s UK arm, is “confident” that Borland’s values fit with the firm’s goals, adding that the move will provide “further acquisition opportunities across the UK” in the coming years.