CCV acquires BIB Group
Published Date: 10/11/2010 00:00:00
Independent insurance intermediary Cullum Capital Ventures (CCV) has today completed the acquisition of the BIB Group of businesses in the North East of England.
Regional broker BIB Darlington and specialist underwriting agency BIB Underwriters have been acquired by CCV. The underwriting agency, which specialises in agricultural insurance, controls £20m GWP, while its sister broking business BIB Darlington controls £10m GWP.
CCV Chief Executive, Michael Rea, comments: “BIB Darlington is recognised as one of the premier commercial brokers in the North East, while BIB Underwriters is a significant player in the UK’s farming sector. Both businesses are coming to CCV with an excellent reputation for service, an experienced management team and a professional and dedicated workforce. Once again, we have come up with a deal which meets the needs of the existing shareholders and also safeguards the future for their staff in Darlington. I am delighted to welcome both businesses to the CCV Group.”
In total, the two businesses employ almost 100 staff and will continue to trade under their existing brands from their premises in Darlington.
Martin Littleton, Managing Director of the BIB Group, explains: “This move represents a great opportunity to take our businesses forward in our chosen sectors. We have a strong position in the farming sector and an established, loyal client base in our retail business. I am delighted that CCV has enabled us to secure the future of the business while enabling fellow director Peter Atkinson and myself to pursue our individual ambitions for the future. I am also pleased that we were able to do the deal with Peter Cullum, whom I have known, and done business with, for many years.”
CCV executive chairman, Peter Cullum, commented “I have known Martin Littleton for many years, having underwritten the farm account of BIB for a number of years, when MD of Economic Insurance Company. Subsequently I have kept in touch with Martin, and so I am delighted to see BIB, a business which I remember fondly, joining the CCV Group.”
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