BNH Broker Network

RNS Number:1323D
Broker Network Holdings plc
03 September 2007



For Immediate release                                         3 September 2007


                          Broker Network Holdings plc

                       ("Broker Network" or "the Group"))


                           Completion of Acquisition


Broker Network, a national insurance distribution business incorporating:

   * a network for independent insurance brokers,
   * a retail insurance broker for the provision of insurance advice to
        businesses and private individuals across the UK, and
   * a Lloyd's and London market wholesale insurance broker,

            is today pleased to announce the completion of the acquisition of
            commercial insurance brokers Sullivan Garrett Ltd ("Sullivan
            Garrett" or "the Company").


            Sullivan Garrett, based in Swindon, Wiltshire, has been a Member of
            Broker Network since June 2000. The Company is being purchased in
            line with the Group's proven acquisition strategy, providing one of
            the retiring principles with an exit route, whilst offering Broker
            Network the opportunity to increase earnings by taking advantage of
            economies of scale and by retaining a higher percentage of premium
            turnover.


            A condition of the deal is that the purchase price parameters will
            remain confidential. However, the Group confirms that this latest
            acquisition is broadly in line with the other similar acquisitions
            made to date.


            Sullivan Garrett will join Broker Network Insurance Brokers
            ("BNIB"), our UK wide retail operation, alongside the nineteen
            commercial insurance brokers previously purchased by the Group. The
            Company will retain its brand identity, premises and people and will
            continue to benefit from market leading business and insurer
            services provided by the network business to all their Members.


            Commenting on the acquisition today, Nigel Law, Managing Director of
            BNIB said:


            "AS BNIB continues to grow, we are of course delighted to be
            welcoming Sullivan Garrett to the Group, and look forward to quickly
            and efficiently integrating the Company into our thriving
            operation."


            Grant Ellis, Chief Executive of Broker Network Group, commented:


            "We are pleased to see that our acquisition model remains both valid
            and robust, within an industry which is dominated by consolidation
            and change.


            The purchase of Sullivan Garrett has been completed following
            approval by the Financial Services Authority of the change of
            control of the business.


                                           -ENDS-


            For further information, please contact:


            Broker Network Holdings plc
            Grant Ellis
            Chief Executive 01423 877812

            Julie Hale
            Finance Director 01423 877826

            Kelly-Ann Knight
            Head of PR & Communications 01423 554147

            www.brokernetworkgroup.co.uk

            Cenkos Securities
            Andy Roberts (Sales) 020 7397 1934
            Ian Soanes (Corporate) 020 7397 8921



Notes to Editors


Key Facts:


   *Broker Network Holdings plc listed on AIM in May 2004 at a price of 71p
    per share.
   *Today the company is capitalised at #58m
   *Since listing on AIM, the Group has made 20 acquisitions, including the
    one detailed above
   *The Group employs over 350 people, with headquarters in Harrogate, North
    Yorkshire
   *There are currently 169 Members of the network business
   *The total annual premium income of the Group exceeds #450m


Broker Network Holdings plc, trading as Broker Network Group, is the parent
company of 4 trading companies:-


Broker Network Limited


Broker Network is the trading name of The Broker Network Limited. It is the UK's
largest network of independent commercial insurance brokers. Broker Network
negotiates centrally with insurers or wholesale intermediaries using the full
combined weight of the Members and Members can place business via these
facilities. In addition, Broker Network provides Members with an extensive range
of business support services including marketing, compliance, IT, training and
human resource management.


Broker Network Insurance Brokers


BNIB is the retail arm of community insurance brokers, acquired from both within
and without Membership. It was established in 2004 to support Broker Network's
proposition for Members contemplating retirement. Members who have sold their
businesses to Broker Network benefit from a flexible deal structure, retaining
their company name, existing employees and often premises.


TL Risk Solutions


TL Risk Solutions, in which Broker Network Group owns a majority stake, is a
leading provider of risk management, healthcare and insurance advice to
businesses and private individuals across the UK. The business currently has
some 4,000 corporate clients and over 18,000 private clients and its principal
focus is on mid-sized corporate businesses in the UK and mid to high net worth
private individuals. The company places over #50 million GWP into the general
insurance and healthcare markets. Originally established as the insurance
broking arm of the Towry Law Group in 1965, it was sold to the Broker Network
Group on 01 July 2006, with the senior management team retaining a 25% stake in
the business.


Broker Network London Markets


BNLM is the trading name of London Broking Services. It was established to
provide Members with access to Lloyd's and London markets for insuring clients
involved in specialist or high-risk activities. Through BNLM, Broker Network was
the first network to receive full accreditation as a Lloyd's broker.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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