{"id":2354,"date":"2023-04-05T17:29:00","date_gmt":"2023-04-05T17:29:00","guid":{"rendered":"https:\/\/www.marshberry.com\/eu\/?p=2354"},"modified":"2026-01-22T15:04:22","modified_gmt":"2026-01-22T15:04:22","slug":"march-2023-uk-market-monthly-update","status":"publish","type":"post","link":"https:\/\/www.marshberry.com\/eu\/blog\/march-2023-uk-market-monthly-update\/","title":{"rendered":"March 2023 UK Market Monthly Update"},"content":{"rendered":"\n<p>IMAS has tracked announced M&amp;A activity across General Insurance and Investment, two key sectors in UK financial services, for many years. The charts above and below show the volume of transactions by quarter since 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"651\" height=\"368\" src=\"https:\/\/www.marshberry.com\/eu\/wp-content\/uploads\/sites\/2\/2024\/03\/uk-market-monthly-update-march-2023.png\" alt=\"UK market monthly update chart for March 2023\" class=\"wp-image-2356\" srcset=\"https:\/\/www.marshberry.com\/eu\/wp-content\/uploads\/sites\/2\/2024\/03\/uk-market-monthly-update-march-2023.png 651w, https:\/\/www.marshberry.com\/eu\/wp-content\/uploads\/sites\/2\/2024\/03\/uk-market-monthly-update-march-2023-300x170.png 300w\" sizes=\"(max-width: 651px) 100vw, 651px\" \/><\/figure>\n\n\n\n<p>Q1 2023 was broadly in line with the levels of activity seen during 2022, and some way below the record-breaking year of 2021.<\/p>\n\n\n\n<p>The question we are frequently being asked is whether increasing interest rates and the general uncertainly around the UK economy have impacted transaction volumes, and perhaps more importantly, deal pricing?<\/p>\n\n\n\n<p>It typically takes several months from agreeing the headline terms of a deal to actually transacting.&nbsp; The prices of deals being signed and announced today are often a function of decisions taken some six months or even longer ago.&nbsp; Serial buyers, keen to protect their reputations, are naturally reluctant to chip the price during negotiations, despite the increased pressures that many are now facing.&nbsp; A sharp deterioration in market sentiment might remove this inhibition, but this has \u2013 based on our experience \u2013 so far not occurred.<\/p>\n\n\n\n<p><strong>Insurance<\/strong><\/p>\n\n\n\n<p>March saw another steady stream of new UK Insurance sector transactions being announced to end a quarter that has seen an above-average level of M&amp;A activity (all deals \u2013 note that charts shown in this newsletter are for deals valued at &gt;\u00a35m only). If you are interested in reading more about longer term M&amp;A trends in the sector, our fourth annual UK Insurance Distribution M&amp;A Annual Review was published during the month and can be downloaded&nbsp;<a href=\"https:\/\/imas.uk.com\/wp-content\/uploads\/2023\/02\/UK-Insurance-Distribution-MA-Review-2022.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p>As usual, commercial broking led the way in terms of new transaction announcements. Among the more frequent acquirers,&nbsp;J.M. Glendinning Group&nbsp;announced that it had acquired HGV and motor trade specialist&nbsp;New Era Insurance Services&nbsp;in Stoke-on-Trent, which in turn announced its own new deal, adding&nbsp;Inspire Road Risks&nbsp;(trading as courierinsurance. co.uk).&nbsp;Specialist Risk Group&nbsp;added&nbsp;Consort Insurance&nbsp;in Essex,&nbsp;Ardonagh&nbsp;announced a deal for Compass network member&nbsp;Pace Ward&nbsp;in Stoke-on-Trent, GRP-owned&nbsp;Castle Insurance Services&nbsp;added&nbsp;M R Lonsdale &amp; Partners&nbsp;in Durham, and&nbsp;AssuredPartners&nbsp;continued its expansion in the South West with the acquisition of&nbsp;SouthWest Brokers, which trades as Westinsure Plymouth.<\/p>\n\n\n\n<p>Arthur Gallagher&nbsp;was also active during the month, bolstering its leading position in the education sector with the acquisition of&nbsp;FE Protect, a specialist broker focused on the Further Education college segment and based in Formby. Arthur Gallagher separately announced the acquisition of&nbsp;Bay Risk Services, a binder broker in the Lloyd\u2019s and international market, from Optio Group, and the group\u2019s underwriting arm&nbsp;Pen Underwriting&nbsp;added&nbsp;Tay River Holdings, a specialist MGA in marine classes, adding \u00a390 million of GWP.<\/p>\n\n\n\n<p>Away from the \u2018usual suspects\u2019, it was reported that private client broker&nbsp;Castleacre Insurance&nbsp;in Suffolk had acquired&nbsp;Merritt Insurance Services&nbsp;in London, and it was announced that London market broker&nbsp;Ballantyne Brokers&nbsp;had undergone an MBO, coming out of US-based K2 Insurance Services.<\/p>\n\n\n\n<p>In the first private equity exit from a UK sector investment of 2023, it was announced that Dunedin-backed&nbsp;Acquis Insurance, which specialises in serving the asset finance industry, has been acquired by&nbsp;NSM Insurance Group. NSM owns several UK businesses including Kingsbridge, which it also acquired from Dunedin, in 2020.<\/p>\n\n\n\n<p>Finally, again in commercial broking, in its annual results for 2022 Ecclesiastical Insurance revealed that in December 2022 its Benefact Broking arm had sold&nbsp;SEIB Insurance Brokers&nbsp;to&nbsp;Lloyd &amp; Whyte. Benefact is already a large minority shareholder in Lloyd &amp; Whyte and the deal increases Benefact\u2019s shareholding in the business, as it gradually moves towards a controlling position.<\/p>\n\n\n\n<p><strong>Investment<\/strong><\/p>\n\n\n\n<p>The strong deal activity continued in March, primarily driven by several notable IFA transactions.&nbsp;Progeny&nbsp;announced plans to buy chartered financial planning firm&nbsp;Gibbs Denley, extending its national footprint to East Anglia and taking AUM to more than \u00a37.5bn.&nbsp;Fairstone&nbsp;marked its second IFA purchase of the year with Spalding-based advice firm,&nbsp;MT Financial Management, adding \u00a3200m to its AUM.&nbsp;Craven Street Wealth&nbsp;boosted its AUM to \u00a31.25bn with the acquisition of London-based&nbsp;Bernard Barrett Associates.&nbsp;Advanta Solutions&nbsp;announced its sixth acquisition in the last 18 months with the purchase of Hertford-based&nbsp;MW Wealth Management, adding \u00a365m in AUM.&nbsp;Perspective&nbsp;completed a hattrick of IFA purchases in March adding \u00a3515m in AUM, with the addition of&nbsp;HNH Financial Services,&nbsp;Gould Financial Planning, and&nbsp;Financial Choices IFA, expanding its presence in Huddersfield, Cardiff and Whitstable, respectively.&nbsp;Schroders-owned Benchmark Capital&nbsp;completed its second acquisition in Northern Ireland with the purchase of&nbsp;Kennedy Independent Financial, adding \u00a380m in AUM and further progressing the firm\u2019s plan to build a hub in Derry.&nbsp;Wren Sterling&nbsp;also injected \u00a380m into its AUM with the acquisition of Glasgow-based&nbsp;Active Wealth Management.<\/p>\n\n\n\n<p>There was activity elsewhere in the sector, with&nbsp;AssetCo\u2019s&nbsp;acquisition of&nbsp;Ocean Dial Asset Management&nbsp;for \u00a34.1m, and&nbsp;First Sentier\u2019s&nbsp;majority stake in London-based Credit Manager&nbsp;AlbaCore Capital Group.&nbsp;Marwyn Capital&nbsp;formed&nbsp;Marwyn Acquisition Company II, a vehicle setup to seek out deals with financial advisers, wealth managers, fintech firms and life and pensions companies. Furthermore, there were several reports speculating that Australia-based&nbsp;Macquarie Group&nbsp;is considering a \u00a35bn takeover of London-listed asset manager&nbsp;M&amp;G.&nbsp;Kingswood&nbsp;confirmed that it is considering the sale of its UK business, with a potential value of \u00a3250m.<\/p>\n\n\n\n<p>March marked a tumultuous period for the banking subsector, with the fallout of&nbsp;Silicon Valley Bank&nbsp;leading to&nbsp;HSBC&nbsp;acquiring the UK arm for \u00a31, and&nbsp;UBS&nbsp;rescuing&nbsp;Credit Suisse&nbsp;for $3.25bn. It was also reported that&nbsp;Barings&nbsp;is to acquire Australia-based&nbsp;Gryphon Capital Partners, the parent company of&nbsp;Gryphon Capital Investments. The plans to sell the fund administrator,&nbsp;Link Fund Solutions, is in doubt after a senior management crisis at the bidding firm&nbsp;Waystone Group.<\/p>\n\n\n\n<p>*IMAS Corporate Finance LLP has been acquired by MarshBerry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IMAS has tracked announced M&amp;A activity across General Insurance and Investment, two key sectors in UK financial services, for many years. The charts above and below show the volume of transactions by quarter since 2020. Q1 2023 was broadly in line with the levels of activity seen during 2022, and some way below the record-breaking [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":3674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"mu_industry":[49,50],"class_list":["post-2354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-m-a","mu_industry-insurance","mu_industry-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>March 2023 UK Market Monthly Update - MarshBerry<\/title>\n<meta name=\"description\" content=\"News &amp; Views on Mergers &amp; Acquisitions, Strategies and Trends from the experts at MarshBerry.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"March 2023 UK Market Monthly Update\" \/>\n<meta property=\"og:description\" content=\"News &amp; Views on Mergers &amp; Acquisitions, Strategies and Trends from the experts at MarshBerry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marshberry.com\/eu\/blog\/march-2023-uk-market-monthly-update\/\" \/>\n<meta property=\"og:site_name\" content=\"MarshBerry Europe\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MarshBerry\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-05T17:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-22T15:04:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.marshberry.com\/eu\/wp-content\/uploads\/sites\/2\/2024\/01\/MBI_WhiteFlower-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Caroline Emmet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@MarshBerryInc\" \/>\n<meta name=\"twitter:site\" content=\"@MarshBerryInc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Caroline Emmet\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Caroline Emmet\",\n\t                \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/#\\\/schema\\\/person\\\/6dbf7b5f9b4ad950d0d804b136fd298c\"\n\t            },\n\t            \"headline\": \"March 2023 UK Market Monthly Update\",\n\t            \"datePublished\": \"2023-04-05T17:29:00+00:00\",\n\t            \"dateModified\": \"2026-01-22T15:04:22+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/\"\n\t            },\n\t            \"wordCount\": 1058,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/01\\\/MBI_WhiteFlower-scaled.jpeg\",\n\t            \"articleSection\": [\n\t                \"M&amp;A\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.marshberry.com\\\/eu\\\/blog\\\/march-2023-uk-market-monthly-update\\\/\",\n\t            \"name\": \"March 2023 UK Market Monthly Update - 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