Hilb Rogal & Hobbs announced that it has completed the previously announced acquisition of the stock of the London-based Glencairn Group Limited, effective January 1. (See IJ web site Dec; 21, 2006). Terms of the transaction have not been disclosed.
The HRH bulletin described Glencairn as “an independent Lloyd’s insurance and reinsurance broker group with over 150 employees headquartered in London and throughout its three offices in South Africa, Russia and Australia. Providing a broad spectrum of wholesale and retail products and services in the property, casualty, reinsurance, financial, professional, accident & health, and specialty areas, including political risks and cargo, Glencairn expects 2006 annualized revenues of approximately $39 million (£20 million).”
As of January 1, Glencairn’s former Chairman and CEO Steve Hearn took over as CEO of both his current staff and the staff of HRH’s existing London operations.
HRH Chairman and CEO Martin L. (Mell) Vaughan, III commented: “With the acquisition of Glencairn, we were able to further our strategic objectives by expanding our wholesale and reinsurance capabilities. In addition, this organization brings immense talent and leadership to HRH’s existing London branch, as well as increased access to the Lloyd’s of London and other critical international underwriting markets. We are excited to officially welcome Steve Hearn and his associates to our organization.”
Topics London
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