Ethos Broking has continued its expansion with the purchase of its 13th regional hub, London-based brokerage Chambers and Newman.
The purchase of the brokerage, which is approaching its 75-year diamond jubilee in business, will create a foothold in London for Ethos Broking as the investor “rapidly continues” to expand across the UK.
Led by managing director Alan Smith, who will remain in place following today’s completion, Chambers and Newman handles in excess of £20m GWP with a strong commercial lines focus.
The team of 21 will all join Ethos Broking as part of the deal and the Piccadilly-based office will be retained.
Commenting on the purchase, Richard Tuplin, Ethos Broking managing director, said: “Chambers and Newman are the ideal cultural fit for Ethos Broking and I am thrilled to welcome them as our 13th Regional Hub.
“The team are exceptionally skilled and have loyally served their clients for a great many years, and I’m pleased that we can invest in the legacy of this highly regarded brand and support Alan and the team in continuing to do what they do best.”
He added: “Their strong focus on Property Owners and bespoke in-house claims handling service makes their proposition unique in the market and further strengthens the wider Ethos Broking group.”
Alan Smith, managing director at Chambers and Newman, added: “We are delighted to be joining Ethos Broking knowing that their client values and outcomes align with ours, especially being able to access products and facilities that will further benefit our range.
“These are exciting and challenging times for independent brokers and this deal gives us the support and investment necessary to develop our business well into the future.”
Earlier this year, Ethos Broking acquired Hampshire-based Headley Group. Despite Covid-19 affecting many business plans, the group said its strategy “remains unaffected with a strong pipeline of acquisition activity throughout 2021”.