IMAS acted as the exclusive financial adviser to Maxted Capital Limited, the holding company of Berkeley Insurance Group (“Berkeley”) on the sale of the business to Brown & Brown (Europe), formerly Global Risk Partners.
Berkeley is one of the UK’s largest independent insurance brokers and headquartered in Leicester, with offices in Birmingham, London and Edinburgh. It is a long-established and well-known advisory-led Chartered Insurance broker targeting high-quality mid-market customers. The business offers a strong generalist capability, but is recognised as having particular specialisms in commercial property and construction, financial risks, cyber, private client and corporate client insurance, each of which has a dedicated team.
The Berkeley directors including Tim Maxted (Chairman & Chief Executive) and Jonathan Yeeles (Chief Financial Officer) will remain with the business, which will retain its brand and become part of Brown & Brown’s UK Retail Division. The deal is the first broking acquisition by Brown & Brown in the UK since it rebranded from Global Risk Partners Ltd in September.
IMAS was retained by Berkeley in the first half of 2023 to advise the business and its owners on a sale. IMAS advised Berkeley on all aspects of the transaction, which has received regulatory approval. The financial details of the transaction will not be disclosed.