DTE Sells non life insurance division to Cullum Capital Ventures Ltd

Bury and Manchester based DTE Risk and Financial Management Ltd has been advised by DTE Corporate Finance on the sale of its general non life insurance division to Chorlton Cloughley Group Limited ("CCG"). CCG is a subsidiary of Kent based Cullum Capital Ventures Ltd. The sale took effect from the 1st May 2010.

Matt Beckley, a partner in DTE and Managing Director of DTE Risk & Financial Management Ltd said that the sale of the division would result in clients experiencing a higher level of service.

Matt said: "Sales director Mike McNulty, together with his eight team members will be transferring to CCG Limited. We believe that the sale should produce improvements to the service and service offering of the insurance division, giving our clients access to a wider market and enhanced facilities".
Matt also said the acquisition did not include the Financial Services business of DTE Risk & Financial Management Ltd.
Matt added: "The financial services division of DTE is integral to the Group and we are confident that, we will maintain the current impetus which has seen a growth in demand for its services as we continue with the strategic development of this area within the business".

CCV CEO Michael Rea said: "I'm particularly pleased to bring Mike and his team into our group. They've built a well-established book of business and it has delivered good returns to date. I believe that by becoming part of a larger insurance business, Mike will be able to grow his portfolio to achieve its full potential."

This marks CCV's third acquisition this year. Sarah Walton, corporate partner at North West law firm Mace & Jones led the team that advised on the transaction and said: "We were delighted to act for DTE in this transaction, which will enable DTE to focus on the continued growth of its financial services division".

CCG currently have no plans to relocate the general division of DTE Risk and Financial Management.