Reading: Insurance broker in acquisition

Reading-based Finch Commercial Insurance Brokers (FCIB) has acquired a commercial insurance brokerage BIAB, trading as Ashcombe Border Insurance Brokers, with backing from NatWest.

FCIB was established in 2001 by brothers Paul Finch and Matthew Finch and their cousin Vince Gardner, who each own a third of FCIB. The management team benefits from extensive advisory experience in broking and finance and it continues to work closely with the Financial Services Authority (FSA). The insurance business specialises in the following sectors: property, legal, liability, motor fleet, transit and personal injury cover.

The company has embarked on an ambitious 10-year growth plan and viewed the acquisition of Ashcombe Border as an ideal opportunity. Ashcombe Border, a Liphook, Hampshire company, will continue to operate as previously, working with its predominately commercial client base. While the acquisition expands FCIB’s offering it will also enable FCIB to enhance the business relationships that exist with the major insurers with which both of the companies work generating greater economies of scale.

The management team approached NatWest for support with the acquisition. Richard Burt and Neil Cockburn Relationship Managers at NatWest worked with the team to understand their business’ long term growth aspirations and led the deal team in providing a bespoke funding package facilitating the acquisition. FCIB have been impressed with NatWest and have since switched their full banking facilities.

Paul Finch, director, Finch Commercial Insurance Brokers Ltd commented: “I am delighted to see the first phase of our expansion plans come to fruition. Ashcombe Border is a great local brokerage firm that will serve to enhance the offering of FCIB as a whole. I would like to thank Richard and Neil for taking time to really get to grips with our business and our future goals and tailoring the funding package to our needs.”

Neil Cockburn, relationship manager, NatWest, added: “I would like to congratulate the team on their latest acquisition. The FCIB management team has the vision and business acumen to drive the business forward. We worked closely with the team to understand its strategy and provided funding enabling the first growth phase to progress. We look forward to continuing to work with the team as their ambitious expansion plans continue.”