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CCV locks onto Lockton

By Morag Dickson on February 06 2008

Peter Cullum continues his sweep on insurance brokers this month with the purchase of several divisions of Lockton International’s retail arm via his acquisition vehicle, Cullum Capital Ventures (CCV). The purchase is CCV’s largest to date.

The Lockton units, worth more than £40 million in gross written premium (GWP), deal mostly with UK-based SME clients. Together they have a combined brokerage of £6 million.

Lockton, the world’s largest, privately-owned, independent insurance broker, said in a statement: “The retail markets remain the foundation for Lockton in the UK and we are continuing to invest in our people and infrastructure. Our focus throughout Lockton is on our clients and ensuring that we provide them with the best possible service, solutions and expertise.”

CCV is one of the top independent UK brokers with close to £70 million GWP. The company has been aggressively acquisitive since its formation in 2006, completing 22 acquisitions to date, and, according to chief executive Tim Johnson, the company is awaiting the completion of another deal, with five others undergoing due diligence. These would take CCV’s controlled premium to £200 million GWP by the year’s end.

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