AssuredPartners has agreed to acquire Lloyd’s broker B&W as the US broker continues to expand its London operation.
B&W specialises in providing casualty and property insurance and has a strong reputation in placing binding authorities, servicing clients in Canada, Australia, UAE and North America.
Following completion of the deal, AssuredPartners said that the B&W business will continue to be run by its current managing director Michael Bender and that all of its staff will roll into AssuredPartners London office.
Commenting on the announcement, AssuredPartners London CEO David Heathfield said: “The acquisition of B&W allows us to expand our breadth of expertise here in London and service the ever increasing flow of business entering the London market via our US operations.
“We have been looking carefully at expanding APL and believe that the B&W business, together with the experience and expertise held by Mike and his team, will generate cost synergies and revenue growth for all parties immediately.”
Healthfield added that this was an “exciting time” for the London operation and that it is expecting further expansion via acquisitions in the “near future”. The latest deal follows AssuredPartners’ acquisition of London A&H broker, Chisholm, Richards & Hart in 2016.
Bender said that he and his team were “delighted” to be joining AssuredPartners London.
“Whilst B&W is still in its infancy we have had a very successful couple of years and have had various offers to sell during that period. Up until now we hadn’t considered any of the approaches seriously but APL ticked a lot of boxes for us”, he said.
“The added opportunity to tap into AssuredPartners domestically in the USA for potential business will increase our footprint in a territory we were looking to expand into, and with the help of some strategic underwriting partners we expect to be successful with this endeavour,” he added.
AssuredPartners said it expects to receive regulatory approval for the deal in the coming weeks.