Howden Insurance Brokers has bought the core broking activity of IFA professional indemnity insurance broker PYV.
Howden is the broking arm of Hyperion Insurance Group, which is backed by private equity firm 3i. PYV was part of the Pointon Group.
The move will see 24 PYV staff transfer to Howden along with a combined book of business with a total gross written premium of £50m.
Howden UK retail business managing director Mike Lobb says the move will help develop the company’s offering, based on PYV’s experience in providing PI to IFAs, mortgage brokers and solicitors.
He says: “From a focus perspective, PYV is very like us.
Customer service is key to both organisations.
“Within Howden retail, it is true to say that working with IFAs, brokers and solicitors has not been a focus of ours in the past and I think by joining the Howden and PYV teams there are great benefits to be had.”
PYV chief executive Neil Pointon and director Ian Boscoe will join Howden as part of the firm’s retail leadership team.
They will help with Howden’s strategy for growth and will aid with the transition of the PYV business.
Pointon says: “For our current clients and for the wider IFA sector, this is an exciting move. Our clients will have the same account contacts and a continuation of service but with the added benefits associated with an international insurance and reinsurance group, including extended access to the London insurance market and the resources and expertise of a larger company.”