Lockton announced that it has acquired the specialist motorsport insurance broker, MIS Motorsport, based in the UK in Guiseley, near Leeds. Lockton and MIS Motorsport completed the transaction on June 1st, 2014 after receiving regulatory approval.
The combined Lockton MIS team will be based in the north of England working out of Lockton and MIS premises in Manchester and Leeds. Terms of the transaction were not released.
Lockton noted that it already “has a presence in the UK motorsport market and in the US where it acts for a number of speedway tracks, rallies, and car clubs. MIS Motorsport is a market leader in the UK, Europe, and the Far East where it is a recognized brand across every market segment from Formula 1 to Karting, and the World Rally Championship through to Club Rallies.”
Lockton said the acquisition would strengthen its “offering in this sector and give it a winning position in the motorsport business while supporting MIS Motorsport’s expansion into the large US market.
Lockton Companies LLP Partner Paul Jack commented: “Combining MIS Motorsport and our own business will make Lockton the leading insurance and risk advisor to the UK motorsport industry. Culturally, the businesses are well aligned with a mutual desire for global growth, a compelling offering to the motorsport industry, and a shared passion for customer service.
Dermot Hanafin, Chief Executive of MIS Motorsport, has unrivalled knowledge of the needs of motorsport clients, and we are delighted to welcome Dermot and his team to Lockton.”
Hanafin cited Lockton’s “customer-focused approach, passion for the motorsport industry, and global platform” as a good match, in combining the “expertise of MIS Motorsport; adding that MIS is looking forward “to future growth and the development of the MIS, Lockton Motorsport brand on the worldwide stage.”