5th April 2023
The Needham Group acquire PJ Insurance Brokers Limited
The Broker Investment Group’s midlands-based business “The Needham Group” has today acquired PJ Insurance Brokers Limited. This takes The Needham Group to over £12m GWP.
The PJ Insurance senior management team and staff all remain as a key part of the business, in the current premises in Petersfield and Weybridge.
The PJ Insurance brand, which has been established for over 30 years, will also continue ensuring continuity for all staff and customers. The vendors, Peter and Jacqueline Robinson, remain in the business for the foreseeable future and will continue to actively service their clients.
This is Needham’s ninth acquisition and follows the successful integration of Inspire Insurance Services and their customers in November 2020 and more recently, the acquisition of Balderson’s Insurance Services (April 2022) and Corporate Insurance Solutions (November 2022).
PJ Insurance are predominately a commercial insurance broker with a GWP of £2.5m.
Neal Lowe, Managing Director of The Needham Group, comments:
Neil Lowe, Managing Director, The Needham Group
“I am really pleased to have got this deal over the line in the first half of 2023, and we warmly welcome all staff and customers of PJ Insurance to the Needham family.
I’m delighted that Peter and Jacqueline are staying in the business, they are extremely knowledgeable insurance brokers, and this deal was a natural fit for us which is always one of our top priorities. The brand, premises and fantastic team of 8 staff all remain.
Neal continues: “By 2025 we would like to have 7 or 8 branches, all with the same ethos of being local experts, fully independent and community-based brokers.
The Broker Investment Group have been a huge help, with acquisition sourcing, due diligence, and funding, it’s vital to have that industry expertise and advice on tap. This is the third deal Needham have done since becoming a Broker Investment Group Plus broker and my vision is to create a network of community based brokers that look after the insurance broking needs to clients in their local community.
We are seeking other likeminded community insurance brokers to join The Needham Group.”
Peter Robinson, owner of PJ Insurance Brokers, adds:
“I have followed The Needham Group in the press for a few years and had heard positive feedback from previous acquisitions, so they were top of my list when it came to succession planning.
I know my clients and staff are in safe hands and I’m staying on to assist my clients and mentor the next generation of leadership within PJ Insurance. I look forward to working with Neal and his team going forward, and our clients will enjoy an even wider range of insurance products and schemes.”
Peter Robinson, owner, PJ Insurance Brokers
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About Needham Insurance Services
Founded in 1973 by Michael Needham, current owners Neal and Karen Lowe acquired the business in 2000.
Using a combination of organic growth and carefully selected acquisitions, the business has grown over the years with a reputation of strong relationships with clients and insurers alike. Needham Insurance successfully integrated Inspire Insurance Services into the Group when Inspire went into liquidation in 2020.
Forecast GWP for 2023 is £12m. Target GWP in 2025 is £20m+.
Every acquisition has involved the option for previous owners and staff remaining within the business and operating from the same premises as before.
