Aston Lark has completed another acquisition with the purchase of Innovation Broking.
Following the deal, the corporate insurance broker and employee benefits provider will be heading up a corporate practice unit as part of Aston Lark’s retail division.
Co-founder Peter Dickson will also become chairman of Aston Lark’s broking and benefits companies from early 2022.
Innovation Broking was launched in 2015 by Dickson and co-founder Howard Pearson.
It has bases in London and Watford, employs 30 staff and specialises in larger risks, global programs, and private equity-backed businesses, with particular expertise in the technology, health, film and TV, and charities and care sectors.
This latest acquisition comes off back of a year in which Aston Lark has bought Southampton-based broker PHM, completed the buyout of Right to Health and The Health Insurance Specialists, and agreed terms to acquire the clients of The Health Insurance Company.
The firm has also itself been acquired by international insurance broking group Howden which reached agreement to buy Aston Lark from Goldman Sachs Asset Management and Bowmark Capital last month.
Commenting on this latest acquisition, Peter Blanc, CEO at Aston Lark Group, (pictured) said: “I’ve known Paul Dickson for many years and his reputation in the market is outstanding, both as an expert insurance broker but also as a leader.
“He and Howard have built Innovation Broking into a renowned business in just six years, employing fantastic talent from top to bottom.
“I’m delighted to welcome the whole team into the Aston Lark fold and look forward to working with Paul and his colleagues as they continue to build a unique corporate proposition.”
Leading corporate practice business
Paul Dickson, CEO of Innovation Broking, added: “I am delighted that Innovation Broking has agreed to be acquired by Aston Lark, which is now to become part of the Howden Group.
“This will provide an outstanding platform for the continued growth of our corporate broking business, and in turn provide great opportunities for our people.”
Dickson thanked Albion Capital for supporting the firm since its formation and revealed more details about how the business would fit into the group.
“I’m very excited that Innovation will be heading up a corporate practice unit as part of Aston Lark’s retail division and we will continue to build on our specialisms in the technology, emerging risks and the charity and care sectors,” he said.
“I am also very pleased to be asked by Peter to chair Aston Lark’s broking and benefits companies from early 2022.”
Will Fraser-Allen, managing partner at Albion Capital Group, said: “We identified a compelling investment case for Innovation Broking and its corporate broking model, focussed as it is on high-end board level engagement with clients that had more complex insurance needs.
“I have known Paul for many years and Albion Capital is delighted to have backed Innovation from day one through to this hugely successful sale to Goldman Sachs-backed Aston Lark, which recognises the outstanding quality of Innovation and its team.”