Lloyd’s and independent specialist marine broker SSL Insurance Group has agreed to merge with fellow Lloyd’s broker and delegated authority specialist Endeavour Insurance Services.
The deal will conclude with both companies being acquired by a fund advised by private investment firm J.C. Flowers & Co., according to the announcement.
“The merger provides a strong and efficient platform from which to grow a dynamic, client focused Lloyd’s broker whilst exploring further acquisition opportunities in the insurance market,” the announcement said.
The combined business will trade as SSL Endeavour and the leadership team at both companies will remain in place with Roger Spicer continuing as CEO of SSL and David Lawrence retaining his role as CEO of Endeavour.
SSL Endeavour will be co-chaired by Andrew Sturdy, founder of SSL and Chris Giles, Endeavour chairman.
The transaction is subject to Financial Conduct Authority (FCA) approval and is expected to complete in the second quarter of2018.
Established in 2003, SSL is a marine broker with clients in 80 countries. SSL also offers cash-in-transit, financial institution and political risk insurance. Employing 42 people, the company is headquartered in London.
Founded in 1999, Endeavour specialises in business produced by North American and European agents handled under delegated authorities. Employing 44 people in its London office, Endeavour has divisions supporting business from Canada; the United States, Europe and the rest of the world; and a cyber division.
“The merger creates a highly complementary and entrepreneurial business from which to expand, both organically and through acquisition. We look forward to working with the team as they develop their specialist proposition,” said Jonathan Cox, vice president, J.C. Flowers.
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