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Broker head buys back Bassett business

21 November 2002

Ambitious City broker Stuart Alexander is to sell back part of its recent acquisition Foreman Bassett to one of its directors Tom Noyce. The £2m business, part of a book acquired in October 2000, is set to be relaunched as Southampton-based Noyce Insurance Solutions in the new year.

Stuart Alexander joint managing director Alex Shead said the arrangement had been amicable. The company, which has had strong organic growth this year and acquired Fidelis - with a premium income of £7m - in September, is planning further growth and acquisitions early next year.

Mr Shead said there were already a couple of purchases in the pipeline, with the first likely to be a south coast commercial broker in January.

He added that Stuart Alexander, which currently has a premium income of £40m, was aiming for £50m in the next 12 to 18 months.

Mr Noyce, who has dealt with FB clients for 15 years, raised the funds personally to purchase the business back. He has a panel of insurers lined up including 'the top five' and two Lloyd's specialists to support the business, which has a £2m premium income.

Mr Noyce added: "We will be looking to double the business within two years by gaining new business and by acquisition. I am currently talking to some interested parties. We have also just signed to (software provider) Acturis, which we believe will create a very efficient environment".

"We will be starting out with three members of staff initially, but we are looking to take on two others soon and will recruit more as we grow".

Mr Noyce's departure follows that of former FB managing director Ian Ritchie, who left Stuart Alexander in October. He is the last of the FB directors to leave Stuart Alexander following its acquisition.

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