Newmarket, Suffolk-based commercial insurance broker Yutree has acquired Real Insurance Solutions for an undisclosed amount.
Yutree stated that this acquisition is a key milestone for the company. The deal marks the start of the company’s next phase of growth which is expected to exceed £10m in premium turnover by next year.
Yutree managing director Kevin Hancock said: “we are delighted to welcome Philip and all the clients of Real Insurance Solutions to the Yutree family at such an exciting time.”
Real Insurance Solutions is a Cambridge-based insurance advisor. The company was formed in 2009.
Its insurance portfolio offers services for oil and gas industry, construction, motor trade, manufacturing, property owners, general insurance, technology and cleaning contractors.
Real Insurance Solutions owner and managing director Philip May said: “I am pleased to have joined Yutree as they share very similar values to Real, and I have no doubt that clients will continue to receive impartial advice and first-class service.”
Yutree is a commercial insurance broker with a client-centric focus and a desire to support the wider local community. The company has been approved by Lloyd’s as Coverholders. Lloyd’s has delegated its authority to the broker to enter into contracts of insurance on its behalf. This underwriting authority enables it to quote and issue documents to brokers.
It is also a provider of the BIBA approved liability scheme. It provides liability insurance to businesses that range from small and medium enterprises (SMEs) to multi-million pound enterprises.
Next year, the company plans to launch a new networking group, the Anglia Business Club, which will organise events for business owners at landmark locations across Suffolk and Cambridgeshire.
Formed in 2012, Yutree has developed organically and is now seeking further growth opportunities. The company claims to be recognized throughout the UK insurance industry as its board members are present on the main British Insurance Brokers Association (BIBA) board along with industry’s professional standards body, the Chartered Insurance Institute’s Society for Insurance Broking.
Yutree is BIBA’s approved provider of liability insurance.