East Anglia-based Gibbs Denley Group has divested its insurance broking business to One Broker Group for an undisclosed price as part of a restructuring program.
Under the terms of the transaction, there will be no immediate changes to the divested business Gibbs Denley Insurance Services (GDIS) which will continue to operate like before.
According to Gibbs Denley Group, the Norwich-based One Broker is among the UK’s top 100 largest independent insurance brokers and is expected to be among the top 25 in the next five years.
Headquartered in Cambridge, GDIS is a chartered insurance broker which provides customized cover for various risks like public liability insurance for businesses and personal car insurance for individuals.
One Broker Group CEO Robin Plaster said: “This deal further reinforces our commitment to Cambridge and provides us with an excellent platform to expand our products and services across the region.”
Joining the One Broker Group is expected to enhance the value of GDIS within the market besides strengthening its negotiating position with insurers in the future.
GDIS director Paul Gibbs said: “We have entered into this as the next step in the evolution of our broking services.
“The insurance market is constantly developing and it is important to us that we remain ahead of these changes and put ourselves in the strongest position possible to serve both our customers and our staff going forward.”
GDIS will operate from its existing locations in Swavesey and Bury St Edmunds with customers not expected to be affected by the ownership change.
Gibbs Denley Group stated that its other business Gibbs Denley Financial Services will remain intact and continue to operate under it.
Image: Paul Gibbs (left) of GDIS and Robin Plaster (right) of One Broker. Photo: courtesy of Gibbs Denley Financial Services Ltd.