Cooper Gay Swett & Crawford (CGSC) has announced the acquisition of independent Lloyd’s insurance and reinsurance brokerage group Newman Martin and Buchan (NMB), subject to regulatory approval from the UK Financial Conduct Authority.
The announcement explained that NMB and Cooper Gay & Co Ltd., CGSC’s Lloyd’s broker, “have been working closely together over recent months in preparation for the acquisition to create the UK’s leading independent energy broker.
“The highly respected NMB brand will be retained within the CGSC Group as a leading specialist energy practice for global clients seeking access to all the key international markets. Newman Martin and Buchan LLP will continue as a separate Lloyd’s broker focused on the energy and related sectors and the ‘NMB Specialty’ coverholder business.
“The combined businesses will also deliver enhanced resources to support clients across the marine, specialty, property, casualty, financial & political risks and reinsurance sectors, with a greatly enhanced presence in the London market for CGSC with over 400 broking and support personnel.”
Plans also call for the combined management teams of Cooper Gay and NMB to “develop and roll out a staged integration plan that delivers seamless service for clients whilst taking advantage of the enhanced distribution network and skill-base of the combined Group.”
Toby Esser, CGSC’s Group CEO pointed out that this is the group’s “first major deal since we received significant investment from Lightyear Capital and achieved a successful debt refinancing earlier this year.”
He also indicated that the NMB acquisition would “create a real powerhouse among independent brokers. Access to the CGSC global network will also enable NMB to deploy the services of its highly respected broking teams across a much wider client base.”
Sam Hovey, CEO of Cooper Gay & Co said: “The integration of NMB and Cooper Gay will deliver substantial commercial synergies, provide us with additional depth of resource and make Cooper Gay an increasingly powerful force in the Lloyd’s market. This will manifest itself in both the ability to develop new products and to bring new vigor to servicing the increasingly complex needs of our international clients seeking protection for their energy, marine, property and financial risks.”
NMB’s CEO Gordon Newman indicated that he is “delighted that negotiations with CGSC have come to a successful conclusion. Our London businesses are an excellent strategic fit, both in terms of classes of business and geographic spread. Together they will have an increased market presence and NMB’s business will benefit from access to the financial resources of CGSC which are considerably greater than those available to NMB on its own.
“I believe that the combination of the businesses will be good for our staff and, most importantly, that it will enhance our offering to our clients to whom we will continue to offer independent service: like us, CGSC is an independent broker focused on the wholesale and reinsurance sectors with no retail presence in the U.S.
“For our clients, some of whom have been with us for many years, it will be ‘business as usual’; they will continue to receive the same excellent service from the same people. Where appropriate, we will combine business lines to enhance our offering and develop the business, with NMB as CGSC’s specialist broker for energy and related classes.”
Source: Cooper Gay and Swett & Crawford