Guy Carpenter Co., a leading risk and reinsurance specialist, has agreed to acquire John B. Collins Associates, Inc., a privately-held company and the seventh largest reinsurance intermediary in the world.
Guy Carpenter said the acquisition will further strengthen its position in the North American reinsurance marketplace and that thestrength of Collins’ business in crop, Florida property and regional specialty lines further enhances Guy Carpenter’s existing capabilities.
In addition, Guy Carpenter said Collins’ medical malpractice business will complement its own existing professional liability platform.
Collins, which was established in 1987, is a privately-held company that places reinsurance coverage for companies in the property/casualty, life, and accident health insurance markets. The company’s 190 employees work from 13 offices in the U.S. – including the Minneapolis headquarters – as well as in London and in Bermuda.
Collins has several specialty areas, including professional liability, workers’ compensation, commercial earthquake, Florida property catastrophe, programs, industry loss warranties and governmental programs (for example, state workers’ compensation funds).
John Collins, chairman and founder of Collins, will serve as vice chairman of Guy Carpenter and Patrick Denzer, chief executive officer of Collins, will serve as chairman of Guy Carpenter Americas.
The firms expect that the transaction will close early in the second quarter of 2009, following receipt of regulatory approvals and satisfaction of other closing conditions.
Sources: Guy Carpenter
John B. Collins Associates, Inc.
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