One of Leicester’s most prominent businessmen has sold his established insurance company.
Ashwin Mistry has sold Brokerbility Holdings – comprising its broking, network and technology businesses – to independent broker Clear Group.
Brokerbility Holdings is the parent company of BHIB Insurance Brokers and Churchill Insurance Consultants as well as the Brokerbility Network, Brokertech and Brokerbility Information Gateway, a software solutions provider and IT platform for the network.
The Brokerbility group, currently headquartered in Grove Park, just south of Leicester, will be led by Ian Stutz, and Mr Mistry will continue to champion the role of independent brokers as chairman of spin-off business, the 27-member strong Brokerbility Network.
Mr Mistry, 61, was the main shareholder in BHIB, a commercial insurance broker offering support on insurance issues such as motor fleet management, health and safety, electrical safety, business continuity, commercial property, marine and employee benefits.
Last year BHIB recorded a gross written premium – equivalent to a turnover – of £56.8 million, compared to £54.4 million a year earlier.
Gross revenue was up by 7.5 per cent to £12.1 million, while the number of staff at its offices, including its main bases in Leicester and Northampton, had risen from 139 to 148.
Mr Mistry led a management buyout of Brett and Randall in 2009, and rebranded the business as BHIB in 2015.
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He was also instrumental in establishing Brokerbility and prior to Covid-19 told BusinessLive BHIB had succeeded despite the generally tough economic environment, with both the sector and its customers struggling with changes created by things such as cyber security, new technology, the consumer downturn and Brexit.
Today Mr Mistry said: “This deal gives Brokerbility the firepower to invest and attract new members to our group.
“A change of ownership to a fellow member also means that Brokerbility can continue to be the torchbearer for independent brokers, who as a group, are operating to the highest standards of technical competency and ethical behaviour.”
Ian Stutz, who has managed the Brokerbility network for more than a decade, said: “Joining Clear we create a substantial brokerage that differentiates itself not through scale but by shared values that underpin the business and the way we care for our people, our clients and our relationships with insurers.”
This deal represents the 27th broker acquisition made by London-based Clear since it was established in 2001 and means the group now handles more than £200 million in premiums and employs more than 400 people across 10 offices.
The combined business has strengths in property and construction, SME, healthcare, professional and financial lines and mid-market corporate business.
Clear Insurance Management Ltd is also a Lloyds’ Broker.
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The deal also brings together a number of Brokerbility members. Founded by Mr Mistry in 2006, Brokerbility is a network of like-minded, independent chartered brokers that share common values and goals.
A spokesman said Clear was committed to supporting and developing the network as a home for strong regional brokers.
Clear will lead the integration of the businesses with Ashwin Mistry and Ian Stutz joining the Clear Group board and Clear directors joining the boards of the Brokerbility companies.
BHIB Insurance Brokers and Churchill Insurance Consultants are both chartered commercial brokers.
Churchill focuses on clients seeking professional indemnity, property owners and commercial insurances generally and will celebrate 40 years trading in 2021.
Clear Group was established in 2001 prior to the deal had 260 staff across six locations, handling premiums in excess of £140 million.
The business works with property owners, the construction sector, legal indemnities and professional risks.
Clear chief executive Howard Lickens said: “This is a brilliant deal for Clear and everyone involved with Brokerbility, BHIB and Churchill.
“Both Ashwin and Ian have done such a fantastic job and I’m delighted that my friends will continue to lead Brokerbility in the next phase of its exciting journey.
“With the backing of ECI Partners, we have now secured a material step forward and are well poised to make further acquisitions.
“This exciting deal also enables investment to grow the Network and to offer members a ‘soft’ succession option which has been on the Brokerbility wish list.”
The board of Brokerbility Holdings was advised by IMAS Corporate Finance LLP, Browne Jacobson LLP and Cooper Parry Group.
This month Mr Mistry won two awards at the 海角视频 Broker Awards – the achievement award and the broker personality of the year award.