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Cullum Capital Ventures [CCV] has grown
consistently from its creation in April 2006 to becoming a UK top
20 broker with 670 employees in 23 offices, controlling GWP of over
£250m with an EBITDA c£20m under the leadership of Tim Johnson who,
as recently reported, has been promoted to CEO at Paymentshield,
part of the Towergate Group.
Michael Rea has been appointed CCV’s
Chief Executive Officer with effect from 1st September,
reporting to Peter Cullum, Chairman of CCV. Michael has 15
years experience in senior roles within the insurance industry and
joins from Towergate Underwriting where he was Chief Operating
Officer. Prior to that, he headed up NIG’s UK operations (part of
RBS Insurance). This appointment is subject to FSA approval.
CCV will also be moving its Headquarters to
County Gate in Maidstone, having outgrown their Sevenoaks base, and
this will give it room for significant expansion as they take
advantage of the acquisition opportunities created by the current
market.
Chairman, Peter Cullum, said:
“I am delighted to announce Michael’s
appointment at such an exciting time for CCV. In the 12
months that Michael has worked for Towergate he demonstrated he has
the leadership skills to take CCV on to the next growth stage which
will be focused on further acquisitions, and we are poised to
complete several new acquisitions by the end of July.
Market commentators have signalled a serious
decline in M&A activity, but CCV intends to buck that trend as
we see many opportunities for regional expansion and our
acquisition pipeline remains as healthy as ever”.
Michael Rea said:
“This is a great opportunity to work with
Peter as CCV sets out on its next stage of growth. I have no doubt
CCV will soon be in the Top 10 UK Broker list as we continue its
success story.
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