Insurance brokerage, risk management and consulting firm Gallagher has acquired commercial insurance broker Pavey Group Holdings (UK) for an undisclosed price.
Established in 1971, Pavey Group has offices located in Torquay, Exeter and Holsworthy in Devon, and in Highbridge, Somerset.
The company offers independent insurance advice and customized risk solutions to businesses located in the South West and beyond.
According to Gallagher, the acquired commercial insurance broker works with independent traders and also well-established firms across Devon and Cornwall.
Pavey Group offers its services to firms engaged in construction, manufacturing, retail, wholesale, motor trade, property owners, professional services, care and also charitable organizations.
The commercial insurance broker’s relationship with farming cooperative Mole Valley Farmers has been a key to its growing involvement in the agricultural sector after the launch of Mole Insurance Services some four years ago, said Gallagher.
Gallagher UK Retail CEO Michael Rea said: “Pavey Group is a great strategic fit for our UK business, as a long-established, commercially led, growing regional broker with a strong reputation for client service.
“Bringing Pavey Group into our UK branch network will not only significantly increase our client reach in the South West and add complementary expertise, it will also strengthen our client offering in other key niche sectors.”
Pavey Group, which has 83 insurance professionals, is headed by managing director Graham Brown, and will be a part of the retail branch network of Gallagher. The company caters to customers from 50 plus locations across the UK.
Brown said: “This is an exciting development for our teams at Pavey Group and Gallagher, one that will help us create even more compelling solutions for businesses based in the South West and beyond.
“Our scale and reputation locally, combined with Gallagher’s national and global reach, will create a winning formula for businesses seeking independent insurance advice and tailored programmes whatever industry or service sector they operate in.”
In October, Gallagher acquired another British commercial insurance broker Portmore Insurance Brokers for an undisclosed price.