Morton Fraser advises on £2.3m deal
Posted: Tuesday 20 December 2011
Morton Fraser advised the owners of Edinburgh insurance brokers, Castle Cairn, on the recent sale of Castle Cairn to Central Insurance for £2.3 million.
Castle Cairn, which was founded in 1978, has a gross written premium of £5.5 million and specialises in both commercial insurances, and high net worth insurance for private clients. The acquisition boosts Central's premium placement into the UK insurance market to more than £60 million, and means the firm is now ranked among the top 10 independent brokers in the UK as compiled by Insurance Age.
Alan Grant of Castle Cairn, said: "Central has achieved great success and is clearly ambitious, with a strong management team absolutely focused on being the best in the business. Castle Cairn and Central share many of the same characteristics and values so we are looking forward to contributing to the future growth of Central as it becomes an increasingly important independent player in the UK."
Iain Meiklejohn, Consultant with Morton Fraser, said: "Having worked with Castle Cairn and Alan Grant for over 30 years, I have found it particularly rewarding to work with a business that has developed and matured over time, and then work with the management team to sell at the right time for them and on their terms."
If you would like to discuss this further please contact Iain at iain.meiklejohn@morton-fraser.com.
