Gallagher invests in South West growth with acquisition of Devon-based commercial insurance broker Pavey Group
Press release: 07 December 2018
Insurance broker, risk management specialist and consulting firm Gallagher has announced the acquisition of leading South West broker Pavey Group Holdings (UK) Limited (trading as ‘Pavey Group’) that significantly strengthens its presence in Exeter and Torbay while extending its footprint across the South West. Terms of the transaction were not disclosed.
Gallagher — which has existing South West operations in Exeter, Barnstaple, Bristol, Gloucester and Swindon — will welcome Pavey Group and its 83-strong team led by Managing Director Graham Brown and his existing director team into its UK-wide branch network, which serves customers from more than 50 locations. Together, Gallagher and Pavey Group will have more than 300 insurance professionals serving businesses large and small across the South West.
With offices in Torquay, Exeter and Holsworthy in Devon, and Highbridge in Somerset, Pavey Group was established in 1971 and has spent more than 40 years providing independent insurance advice, tailored risk solutions and a fully managed claims service to businesses across the South West and beyond, from sole traders to familiar names among the Top 150 firms in Devon and Cornwall. It works with a wide range of industry sectors including construction, manufacturing, retail, wholesale, professional services, motor trade, property owners, care and charitable organisations, including the prestigious National Trust, who remains a valued and important client.
Michael Rea, CEO of UK Retail for Gallagher, 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. We very much welcome Graham and the team into the Gallagher group and look forward to meeting the needs of South West businesses together.”
Commenting on the acquisition, Gary Fletcher, Regional Managing Director for Gallagher, said: “This is an exciting time to be expanding our investment in the South West and Devon in particular. Exeter has been named among the UK’s fastest growing economies, with a thriving community of new and expanding businesses and impressive developments such as the Exeter Science Park, while the wider area also offers significant growth potential. We see opportunity for the Torquay office, particularly given the positive impact the South Devon Link Road is having, stimulating investment in Torbay.
“Having kicked off a multi-year title partnership with Premiership Rugby in July — the league in which Exeter Chiefs have had such a strong and successful start — we’re already growing our presence and profile across Devon, making sure even more local firms are aware of how we can help them protect and grow their businesses. Welcoming Graham and his colleagues into the Gallagher family further underlines our commitment to investing in on-the-ground service for clients as a local community broker with global reach.”
Graham Brown added: “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.”
“A key driver for my director team was to align ourselves with an organisation whose culture and core values are akin to our own. Our people are hugely important to us; together we have built a trusted, client focused business, which we can all be proud of. For both our clients and our colleagues, as we join the Gallagher family, it’s business as usual by continuing to provide quality advice and insurance solutions.”
Torquay is the base for Pavey Group’s specialist team of advisers behind Cottagesure, a bespoke insurance scheme for owners of holiday homes and cottage complexes across the UK. Pavey Group’s long-standing relationship with farming cooperative Mole Valley Farmers has also been instrumental to its growing involvement in the agricultural sector following the launch of Mole Insurance Services in 2014.