The H.W. Kaufman Financial Group has announced the “purchase of London-based Oval International, a Lloyd’s broker that is globally recognized for placing complex marine and energy risks.” Kaufman Financial is the parent company of Burns & Wilcox and Burns & Wilcox Brokerage.
The bulletin said “Oval International will join with the Chesterfield Group, a Kaufman company and Lloyd’s specialty broker, in forming a platform to continue expanding the Kaufman Financial Group’s London presence.”
In addition “Oval International will return to its original name, Lochain Patrick, which was first established in 1987 by a team of London-based marine insurance specialists. The Lochain Patrick executive leadership and extended team will continue in their existing roles following the acquisition.”
Chairman, President and CEO Alan Jay Kaufman commented: “Our continued strength in London – the epicenter of the global insurance market – has a direct and significant impact on our business in the U.S., Canada and throughout the rest of the world. The acquisition of Lochain Patrick adds an important dimension to our company and signals our ongoing interest in adding like-minded, independent and entrepreneurial brokerage teams to our London operation.”
The announcement also explained that the addition of Lochain Patrick “deepens the Kaufman Financial Group’s longstanding relationships with the London market, which it has enjoyed for more than 45 years. It also marks the company’s second London-based acquisition in the last two years.
“In January 2012 the Kaufman Financial Group acquired Chesterfield Group, a Lloyd’s broker with global expertise in property, casualty, professional, personal accident and other specialty lines. James Stevenson, Chesterfield’s Managing Director, will continue spearheading Kaufman’s growing operations in London.”
“We see the Kaufman Financial Group as the ideal strategic partner,” said Andrew Hills, Lochain Patrick Managing Director and a founding member of the firm. “They are a major global player, have shown a commitment to sustainable growth in London and possess the long term financial strength and security to invest in our future.”
Source: H.W. Kaufman Financial Group
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