AssuredPartners Inc., the Lake Mary, Fla.-based insurance broker, has acquired B&W Brokers Ltd. of London. Specializing in providing casualty and property insurance and placing binding authorities, B&W services clients in Canada, Australia, the United Arab Emirates (UAE) and North America.
B&W’s team of 13 will continue operations under the leadership of Managing Director Michael Bender, who along with his staff will roll into the AP London operations in the coming weeks. Established in 2015, B&W reports approximately $3.5 million in revenues.
“The acquisition of B&W allows us to expand our breadth of expertise here in London and service the ever-increasing flow of business entering the London market via our U.S. operations,” said David Heathfield, CEO of AP London.
“We have been looking carefully at expanding AP London and believe that the B&W business, together with the experience and expertise held by Mike and his team, will generate cost synergies and revenue growth for all parties immediately,” he added.
“Whilst B&W is still in its infancy, we have had a very successful couple of years & have had various offers to sell during that period,” said B&W’s Bender. “Up until now we hadn’t considered any of the approaches seriously, but AP London ticked a lot of boxes for us.”
He said that AssuredPartners’ financial backing will help the company entice quality individuals and teams to AP London and help the company continue to grow. “The added opportunity to tap into AssuredPartners domestically in the USA for potential business will increase our footprint in a territory we were looking to expand into, and with the help of some strategic underwriting partners we expect to be successful with this endeavor,” Bender added.
“Our existing clients, the majority of which have been with us for a long time, will also benefit from the expertise held by AP London in London in classes of business we cannot currently handle. Overall a win, win for all parties involved,” he said.
“The B&W team has more than 25 years’ experience in the marketplace and has established successful, long-term relationships with leading Lloyd’s syndicates,” said Tom Riley, AssuredPartners president and COO.
Led by Jim Henderson and Tom Riley, AssuredPartners Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU’s) across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to over $1 billion in annualized revenue with more than 200 offices in 30 states and London. Since 2011, AssuredPartners has acquired more than 200 insurance agencies.
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