Castle makes first acquisition of fellow Durham broker M R Lonsdale
North East based Castle Insurance Services (Castle) has made its first acquisition since becoming part of Global Risk Partners (GRP) in May 2022.
Paul Younger, managing director, said that Castle has acquired the business and assets of M R Lonsdale & Partners, also based in Durham.
M R Lonsdale is a general insurance brokerage founded in 1959. The business is owned by three partners, Oliver Dobson, Philip Lonsdale and Nigel Bradley. Oliver and the team will remain with the business under Castle’s ownership, while Philip and Nigel will be retiring.
Paul explained that the deal is an excellent cultural fit and will add significant scale to the business.
“The addition of Lonsdale – which has a broad local reach – complements our existing proposition and gives us the impetus for further growth.”
He added: “Lonsdale is the oldest brokerage in the City of Durham and very well known in this part of the world. It’s great news that Oliver and his team are becoming part of Castle, where their local knowledge and experience will be of great value as we grow our footprint in the area.”
Commenting on behalf of Lonsdale, Oliver Dobson said: “I have known Paul for many years, and this is an exciting opportunity for our business to become part of Castle. The cultural alignment and strength that comes with being part of GRP and the link to GRP’s owners Brown & Brown were important attractions.”
“I look forward to the next stage of my broking career and want to thank Philip and Nigel. I wish them the very best for the future.”
Paul Younger said: “We are looking forward to Oliver playing a major role in supporting Castle’s longer-term growth plans and working to become a leading broker in the North East.”
“We continue to have a strong appetite for acquisitions of people and businesses that fit our profile. We are keen to talk to business owners looking to create value from their life’s work and wish to join a larger, highly entrepreneurial team.”
About Global Risk Partners
GRP operates retail broking, specialist MGA, network and Lloyd’s businesses, enabling the business to serve the growing insurance and risk management needs of its customers. GRP is an operating unit of Brown & Brown, Inc.’s Retail segment.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With more than 15,000 teammates in nearly 500 locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbrown.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
Information: Ben Welsh 07568 382040