Paul Macbeth tells Insurance Age about how the broker’s deal for Peter Lole came about and discusses his plans for the future.
Macbeth is gearing up for further growth following its purchase of Buckingham-based broker Peter Lole earlier this week.
Peter Lole was Macbeth’s second deal in 18 months and brought the company’s gross written premium up to £23m.
In an interview with Insurance Age, CEO Paul Macbeth commented on what sparked his interest in Peter Lole: “We decided that this was something that was going to help Macbeth. It meant effectively buying a business that has a clear specialism and is an industry leader in the logistics and freight world, and that was very attractive to us.
“It’s slightly different to what Macbeth is known for, so we’re really pleased to add another string to our bow.”
In addition to its specialist focus, Macbeth added that the purchase would enable the company to have a wider geographic reach and spread its ground across a different part of the Thames Valley.
The CEO confirmed that both the offices and the entire staff of Peter Lole will be kept, in what is seen as an opportunity to invest and build a close-knit team: “We’re really looking forward to being able to integrate the teams and start to build those working relationships and friendships as well. “That’s massively important to us and so far, it’s been a win-win.”
Asked whether Peter Lole would be rebranded as Macbeth, he stated that this was not on the company’s radar at the moment, and that the focus would remain on getting to know the new addition to his family business.
Macbeth noted that the deal for Peter Lole brings an opportunity of working across different sectors together, which he said will be a key point in strengthening the company’s skillset.
Having learned from other firms’ experiences, Macbeth also added that he is no rush to make further deals this year: “We’re always happy to talk, we’ve got great relationships in the industry, but for the immediate moment our focus is on Peter Lole and we don’t want to make the mistake of spreading ourselves too thin because I think that’s where some firms have gone wrong in the past.”
The company’s future plans are focused on investing in technology, organic growth and good customer service. Macbeth detailed: “We’re going to continue to grow. We’ve always grown organically and anything that’s not a double-digit growth is a bad year.
“We’ll continue to focus on investing in our people and ultimately, that will mean that our clients will get even better advice and service from our business. We built the brand on reputation and it’s actually central to us that we don’t take our eye off the ball.”
Content taken from a recent interview conducted by Insurance Age