Two Northern Ireland insurance brokers have come together to form one of the UK’s largest independent providers in a deal backed by Frontier Development Capital (FDC).
Dickson & Co Group’s acquisition of Kerr Insurance will increase its workforce by 50% and make the Omagh-based family owned business a significant personal and commercial lines player in the UK and Ireland marketplaces.
FDC supported Dickson & Co with this acquisition providing a £5.3m funding package which will also provide funding for further growth.
Between them the two community-based brokers will now employ more than 150 staff members at at 17 trading sites in Northern Ireland and two branches in the Republic of Ireland. The expanded group is forecast to manage more than 50,000 insurance policies across 170 insurance companies with an annual premium value of more than £45m. The deal was Dickson & Co’s fourth acquisition in the last two years and its 13th overall.
Ashley Dickson, Managing Director at Dickson & Co, said: “We are excited to welcome Kerr Insurance and its dedicated team to the Dickson & Co family. This acquisition affirms Dickson & Co as a leading force in both the UK and Ireland insurance marketplaces and we have further expansion plans pipelined for 2024, including the opening of a new Client Liaison Suite and Corporate Centre of Excellence based in the Centre of Belfast.”
Justin Sorby, investment director at Frontier Development Capital, said: “Dickson & Co is one of the most progressive retail insurance providers in Northern Ireland, with long-established relationships and a strong reputation for achieving value for money for its customers. We are delighted to be supporting its growth strategy which will firmly establish the business as a leading force in the market.”
CTCF Corporate Finance, a London-based advisory business with a specialist insurance team, advised Dickson & Co on the deal.
Visit https://www.frontierdevelopmentcapital.com/debt-funding/ to see how FDC can support your businesses growth plans.
