Clear Group buys London insurance broker Centor
Clear Insurance Management has agreed to acquire London-based insurance broker Centor for an undisclosed amount.
The selloff will allow Centor CEO Neil Walton to retire. Walton, who joined the business as head of commercial in the early 1990s, was instrumental in a management buyout of the company in 1998. He is Centor’s majority shareholder and has overseen a threefold increase in the size of the business since taking charge.
Centor said that Clear Group was an obvious partner to help realise a sale, sharing the same goals and business ethos as Centor.
In a statement, Centor says: “Succession in any business is vital in maintaining continuity of service, so over the last three years we have implemented a robust infrastructure, with the promotion of Sam Keep and Dani Williams into strategic roles, joining Paul Field, Richard Grainger and Kerry Smith on the board, ensuring that the business continues to thrive. The acquisition will build on this strong foundation. All key positions, ethos and award-winning client service will remain unchanged.”
A string of acquisitions for Clear Group
Centor confirmed that it would keep its name and remain a separate legal entity. It promises that, despite the sale, it would be business as usual for its clients.
When the deal is completed, it will be the second acquisition of 2022 for fellow London-based insurance broker Clear Group, having bought Kent Insurance Brokers earlier in the year. It adds to 4 acquisitions during last year and 32 in total to date, as Clear Group pushes ahead with its ambitious M&A strategy.
In a statement explaining their attitude to acquisitions, Clear Group says: “We look for businesses whose owners we can work with because they share our values and want a deal that meets their wider objectives for the continuing success of their business and enterprise.”
