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Independent insurance intermediary Cullum
Capital Ventures (CCV) announces today that it has acquired the
general insurance portfolio of DTE Risk & Financial Management
Limited.
The Bury and Manchester based business, which
is currently the insurance broking arm of DTE, the accounting and
business advisory group (Business Advisory Services Limited),
specialises predominantly in commercial lines. It will become part
of existing local CCV business CCG in Stockport and sales director
Mike McNulty, together with his eight team members, will be
transferring to CCG Limited.
CCV CEO Michael Rea said: “I’m particularly
pleased to bring Mike and his team into our group. They’ve built a
well-established book of business and it has delivered good returns
to date. I believe that by becoming part of a larger
insurance business, Mike will be able to grow his portfolio to
achieve its full potential.”
This marks CCV’s third acquisition this year.
Commenting on CCV’s activity in the M&A arena, Michael Rea went
on to say:
“We’re seeing an increasing number of
enquiries from brokers interested in full or partial sales of their
business. There is clearly a great deal of uncertainty in the
marketplace at present. Whatever the colour of the next government,
there is a very real possibility of tax rises, and capital gains
tax may be in any future Chancellor’s sights. Clearly this is a
major concern to anyone thinking about selling their business in
the near future.”
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