One of the largest insurance brokers in the Island Kestrel Insurance has completed its acquisition of another locally-based broker JM Pearson and Co.
Founder Mike Pearson has sold the business on his retirement, after 30 years in the industry. Staff will transfer to Kestrel, which has branches in Douglas, Onchan, Ramsey and Peel.
JM Pearson based in Market Street in Douglas has around 4000 customers in the Island and clients were notified of the change last week.
Kestrel Insurance chairman Alan Burrows describes the purchase of JM Pearson as an exciting development for the company, which he says has achieved continuous growth in the last few years despite the difficult economic climate.
Mr Burrows says buying JM Pearson will assist with that growth strategy and the offer of its locally-tailored Manxman policies to Island residents and businesses.