22 December 2017Pollen Street Capital announces proposed acquisition of Miles Smith

Pollen Street Capital announces proposed acquisition of Miles Smith

Pollen Street Capital (PSC) is very pleased to announce the proposed acquisition of a majority shareholding in Miles Smith. The transaction is subject to approval by the Financial Conduct Authority.

Miles Smith is one of the UK’s leading schemes and affinities brokers and can trace its origins back to 1925. It is currently ranked in the country’s top 40 brokers and employs over 220 insurance, claims and risk management specialists, together with customer service and support staff. Its head office is situated in London and it also has offices in Suffolk and Bedfordshire. The Group writes in excess of £170 million GWP annually.

Miles Smith is a market wide problem solver for its customers, brokers, affinity partners and insurers. It leverages strong market relationships and has used its extensive industry expertise to develop quality, complex schemes and solutions for high risk industries, offering them to market through its diverse distribution channels.

The current company was formed following a re-structuring in 2000 under the stewardship of Paul Chainey (CEO). Paul remains head of the company today and, during that time, has overseen a number of successful acquisitions and led a specialist team providing an impressive and consistent organic growth rate.

Paul Chainey – Miles Smith CEO says “PSC offers a great solution for shareholders, staff and Miles Smith’s strong market relationships. Miles Smith has many large and exciting opportunities, which we are determined to pursue with the strategic investment of our new partner and the PSC investment provides a spring board for these opportunities to crystallise and take Miles Smith to another level. Their portfolio of investments reflects values shared by Miles Smith in that they work with expert specialist businesses. They have a good track record of supporting the management teams of their investee businesses and we look forward to a long and successful partnership. I would also like to take this opportunity to thank MS Amlin and our retiring shareholders for their contribution to the business.”