Bollington Wilson

Sector: Insurance

Bollington Wilson is one of the UK’s leading independent insurance brokers

Business Overview

  • Bollington Wilson was formed in 2017, following the merger of two North West UK insurance broker firms: Bollington (established in 1973) and Wilsons (established in 1969)
  • Together, the Group has become one of the UK’s leading independent insurance brokers, employing over 400 staff across six offices
  • Bollington Wilson specialises in niche markets of personal and commercial insurance, often underserved by larger insurance broker firms
  • Working under a number of independent trading brands, the Group serves a client base of more than 140,000, placing in excess of £130m gross underwritten premium per annum

Investment Thesis

  • Established track record with insurers for undertaking appropriate risk assessments in niche markets, to generate profitable income
  • Strong reputation with policyholders for obtaining attractive premiums and appropriate cover, based on a deep understanding of their requirements
  • Attractive market fundamentals driven by population growth, demand for insurance products and higher premiums
  • Non-cyclical industry with limited correlation to macroeconomic cycles
  • High proportion of recurring revenues, driven by annual insurance policy renewals and up-sell opportunities
  • Well-diversified client base with low customer concentration

Origination

  • The deal was originated through a strong relationship with the sponsor, Inflexion
  • PCS3 acted as sole lender
  • Primary transaction