Lycetts snaps up fellow Newcastle firm Cheviot Insurance Services

North East insurance broker Lycetts has strengthened its market position with the acquisition of Newcastle-based Cheviot Insurance Services.

Hoults Yard based Cheviot has been snapped up by Lycetts which said the firm “aligns seamlessly” with Lycetts’ ethos of family values and relationship-driven service. John Baty, Helen Hornshaw and Joel Marks will all join Lycetts from Cheviot and will be based within its Newcastle office.

Ian Barclay, chief executive of Lycetts, welcomed the move, saying: “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 Baty’s extensive expertise with complex property and cyber risks, while Joel Marks brings a wealth of family office and fund management expertise, including a £17bn 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 Baty, managing director of Cheviot, said: “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.”

Founder and director of Cheviot Charlie Hoult, who is also executive chair of technology 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.”