Lonmar Global Risks, part of Bridge Specialty International, Brown & Brown Inc.’s International Wholesale and Specialty division, has acquired the renewal rights for a bloodstock portfolio from Norwich, England-based St. Benedicts Ltd.
Financial details of the transaction were not disclosed.
The portfolio owns the wholesale relationships on primarily US wholesale bloodstock and reinsurance risks, and an agricultural specialty disruption book serving poultry farms. It is currently managed by International Risk Solutions Ltd. (IRS), a London-based Lloyd’s re/insurance broker.
Les Cooper, head of Bloodstock at IRS and majority owner of St Benedicts, and his team will join the Lonmar team as part of the deal, according to Philip Nelson, Lonmar’s managing director of Bloodstock.
“This is a fantastic deal for Lonmar, which includes an excellent team and a high quality, well-managed book of business. Bloodstock acquisitions of this scale and quality are rare in our sector, so we are really pleased with this opportunity,” Nelson said. “This portfolio will expand our presence in the market, both here and abroad, and give us a powerful new platform to further build our market position.”
“We believe that with the backing of Brown & Brown’s strong brand and reputation, we can offer a range of superior products and services to our existing customers, as well as an additional focus on new business,” commented Cooper.
About Lonmar Global Risks and Bridge Specialty Group
London-based Lonmar Global Risks is a member of Bridge Specialty Group, the wholesale broking segment of Brown & Brown Inc. Acquired by Global Risk Partners Ltd. — now Brown & Brown (Europe) Ltd. — in 2015, Lonmar has been trading in Lloyds and the London market since 1977. Lonmar now employs 130 teammates placing in excess of £300 million premium and serves a global customer base in over 70 countries.
With more than 50 locations and more than 1600 teammates throughout the United States and Europe, Bridge Specialty Group has access to more than 200 standard and excess and surplus lines carriers which support nearly $5 billion book. Bridge Specialty businesses in the UK include Lonmar & Ropner, Decus and BdB.
Source: Lonmar Global Risks
Topics Mergers & Acquisitions
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