Apex Insurance is saved from collapse by sale to Colonnade.
Beleaguered Intermediary chain Apex Insurance has been bought by Colonnade Insurance Brokers for an ...
Beleaguered Intermediary chain Apex Insurance has been bought byColonnade Insurance Brokers for an undisclosed sum.
The Hull-based chain, which is believed to have accumulated debts of over
£1m, approached Colonnade last month in a bid to avoid collapse.
Professional Broking understands that Apex's bankers withdrew its
overdraft facility after its debts continued to mount.
Apex is also believed to owe premiums to some or all of its agency base of
35 insurers and Lloyd's syndicates.
At the time of
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