Virginia-based Hilb Rogal & Hobbs Company, the world’s 10th largest insurance and risk management intermediary, announced that it has signed a definitive agreement to acquire the stock of Alexander, Brooks & Stevens Limited (ABS), a London-based reinsurance broker.
The announcement indicated that the transaction is expected to be effective on November 1, 2003, but did not disclose the terms of the acquisition.
According to the announcement, ABS generated over $4.1 million in revenue in 2002, and “provides high-quality reinsurance advice and service to a focused group of clients in England and other parts of Europe and the United States.”
HRH said the company would continue to “operate from its London offices under the leadership of its three founders, John V. Brooks, Robert J. Alexander and Richard D. Stevens, who will work closely with HRH’s existing London retail operation, NIB/Lees Preston Ltd. and its Managing Director, Nicholas L. Morgan.”
HRH CEO and Chairman Martin L. Vaughan, III, commented: “The acquisition of ABS, an active participant in the London, European and U.S. Market reinsurance business, represents a major shot in the arm for our reinsurance capabilities–a value segment targeted for expansion in our strategic plan. I am pleased that John, Robert and Richard chose HRH as their new partner and look forward to growing this segment of our business. The combination of the expertise provided by ABS with the strong carrier relationships of HRH will provide an excellent platform for generating new revenues for the company.”
ABS founder John Brooks indicated that the company was enthusiastic about joining up with HRH, noting, “with our business franchise, it is a natural progression for us to grow with a world-class direct operation. HRH has offered us this opportunity and we look forward to making a significant contribution.”
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