Lycetts Expands With Cheviot Deal
Deal News | Dec 12, 2024 | B Daily
Lycetts, a Newcastle-based insurance broker, has acquired Cheviot Insurance Services to expand its reach and service offerings in the UK. Cheviot, known for its strong community ties and personalized service, aligns well with Lycetts' focus on family values and relationship-driven client care. The acquisition will enhance Lycetts' capabilities in managing complex property and cyber risks, as well as fund management, thanks to key Cheviot team members joining Lycetts. Charlie Hoult, founder of Cheviot, will continue in an ambassadorial role to ensure seamless service continuity. The move is seen as a strategic step in Lycetts' growth plan to offer a combination of local and centralized expertise.
Sectors
- Insurance
- Financial Services
Geography
- United Kingdom – Both Lycetts and Cheviot Insurance Services are based in Newcastle, UK, and the acquisition impacts their reach within the UK market.
Industry
- Insurance – The article discusses the acquisition within the insurance sector, specifically involving brokerage firms Lycetts and Cheviot Insurance Services.
- Financial Services – The acquisition enhances Lycetts' capabilities, including managing complex property and cyber risks, and involves expertise related to fund management.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lycetts | Acquiring Company | Company | A Newcastle-based insurance broker expanding its services through the acquisition of Cheviot Insurance Services. |
| Cheviot Insurance Services | Target Company | Company | A Newcastle-based insurance firm known for personalized service and strong community ties, recently acquired by Lycetts. |
| John Baty | Team Member | Person | Part of Cheviot’s team bringing expertise in complex property and cyber risks, now joining Lycetts. |
| Helen Hornshaw | Team Member | Person | Part of Cheviot’s team now joining Lycetts to ensure continuity for clients. |
| Joel Marks | Team Member | Person | Brings expertise in family office and fund management, joining Lycetts from Cheviot. |
| Charlie Hoult | Ambassadorial Role | Person | Founder and director of Cheviot, continues with Lycetts in an ambassadorial role post-acquisition. |
| Ian Barclay | Chief Executive | Person | Chief Executive of Lycetts, commenting on the strategic growth implications of the acquisition. |