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Archive Banks and Financial Services Archive AXA UK acquires The Davis Group
Archive Banks and Financial Services Archive AXA UK acquires The Davis Group | AXA UK acquires The Davis Group |
| Written by News Desk | |
| Tuesday, 30 October 2007 | |
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AXA UK has strengthened its position as the UK’s second largest SME broker with the acquisition of independent commercial broker, The Davis Group, which is headquartered in Newmarket. No sum has been disclosed. AXA UK is buying the entire share capital of The Davis Group through its subsidiary Venture Preference Ltd, (VPL) which also houses the recently acquired Smart & Cook, Stuart Alexander and Layton Blackham, purchased earlier in 2007. Leigh Smart, chief executive of The Davis Group, will remain in the same position, along with all other staff, and will work with VPL board member Stuart Reid in developing the business and integrating it into VPL. The Davis Group is a commercial lines broker specialising in the provision of products and services for freight and logistic markets. It operates from a headquarters in Newmarket and has over 80 employees. In 2006, gross premiums totalled approximately £37m. The roots of The Davis Group go back to 1975 and by 1988 it had specialised in commercial and transport insurance. Success in subsequent years has been as a result of strong management and an excellent reputation, particularly in the provision of specialist products and services for freight transport and marine industries. Stuart Reid, joint CEO of VPL, said: “The Davis Group is a well run business and will add diversity to the VPL proposition, as we had little presence in the freight and logistics markets.” Leigh Smart added: “I look forward to working with Stuart Reid, Chris Blackham and Paul Meehan at VPL. I see their backing as beneficial to our customers and our employees and fundamental to our growth. It is a new and exciting time for the group.” AXA UK is a part of the AXA Group, a worldwide leader in financial protection, listed in Paris and New York. AXA’s operations are diverse geographically, with major operations in western Europe, North America and the Asia/Pacific area. For the full year 2006 global IFRS revenues amounted to Euro 79 billion. |
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