Lycetts strengthens reach with Cheviot takeover

A Newcastle-based insurance firm has expanded with a takeover.

Insurance broker Lycetts has bought Cheviot Insurance Services.

Bosses say the move aligns with Lycetts’ ethos of family values and relationship-driven client service, enhancing its reach in the North East and across the UK.

Newcastle-based Cheviot’s team, including John Baty, Helen Hornshaw and Joel Marks, have joined Lycetts and will be based at its Tyneside office.

Ian Barclay, Lycetts chief executive, said: “This acquisition represents another exciting step in our growth strategy, enabling us to build on Cheviot’s outstanding reputation and deep community ties.

“We will be leveraging John’s extensive expertise with complex property and cyber risks, while Joel brings a wealth of family office and fund management expertise, including a £17 billion Scottish Widows fund.

“As we integrate Cheviot’s expertise into our wider offering, this acquisition enhances our ability to combine the strengths of our regional offices – delivering personal, local service through small, dedicated teams – with the experience of our centralised commercial insurance professionals based at our Newcastle head office.”

John added: “Having worked in the Newcastle insurance market for the past 36 years, I have known Lycetts for a long time and have always valued the way they do business.

“This is a perfect fit for Cheviot and our clients.”

Meanwhile, Charlie Hoult, founder and director of Cheviot, who is also executive chair of tech firm Opencast, will remain with Lycetts in an ambassadorial role.

He added: “Cheviot has always prided itself on building lasting relationships with clients and we admire Lycetts’ commitment to the same values.

“Joining forces ensures our clients continue to receive the same high-quality service, now supported by the broader resources of Lycetts.”

• Pictured, back row, from left to right, are Joel Marks, John Baty and Lycetts’ Richard Skingle and Neil McGuire. From row, from left to right, are Charlie Hoult, Ian Barclay and Helen Hornshaw