Broker pounces on financial advisers

AN independent Yorkshire insurance broker has pounced on a Leeds-based firm of independent financial advisers to bolster its services across the insurance sector.

Leeds-based Henderson Insurance Brokers said it has bought Denney O'Hara (Life and Pensions) and Denney O'Hara Ltd for an undisclosed sum.

Henderson's latest acquisition comes months after its takeover of Buckinghamshire-based UK Credit Insurance Specialists Limited.

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Henderson said the jobs of all 18 employees at Denney O'Hara's Lawnswood Business Park headquarters in Leeds are safe. Denney O'Hara, a firm of independent financial advisers and pension consultants, was established in 1966 and offers advice covers aspects of financial planning including pensions, employee benefits, mortgages, savings, healthcare and offshore investments.

The acquired business is Henderson's 12th location. The group employs almost 300 employees in total.

Chief executive Joe Henderson said the acquisition means the firm can provide services right across the insurance market, covering general insurance, commercial insurance and employee benefits.

"We're in a fairly bullet-proof situation because everyone still needs insurance," he said. "But whilst everyone else is contracting because they've got debts to service, we are fairly debt-free and the acquisitions have been made at realistic prices rather than inflated prices.

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"Nobody else has got any cash to splash but we've been prudent. We've got access to the funds at reasonable rates and we've been buying at reasonable prices."

Henderson executive Ian Dearnley, who was brought in five months ago to help the firm expand into the corporate pensions market, said the group aims to continue expanding by recruiting more staff.

"We're hoping to recruit the first new staff member shortly," he said. "An offer letter has just gone out to the first of what we hope will be many new employees as we get bigger.

"We're looking to expand straightaway and take the number of staff in the employee benefits division up from 12 to 15 later this month."

Mr Dearnley was formerly a principal with Aon Consulting in Leeds for 21 years.

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