Less than a week into 2021, M&A activity is already heating up and it has today been revealed that Compass London Markets (Compass) and Bishopsgate Insurance Brokers (Bishopsgate) will join forces to create a “centre of excellence” for UK brokers looking to access Lloyd’s and the London Market.
The move follows the acquisition of Compass’s parent company Bravo Group into The Ardonagh Group in August 2020 and will see CLM operate alongside Bishopsgate as part of the Ardonagh Specialty platform. Bishopsgate, which was formed in 2016, will continue to specialise in North American binding authorities, energy and international binding authorities.
Subject to regulatory approval, Paul Longhurst who is currently MD of Bishopsgate UK will lead the strategy for both UK entities, reporting into Graham Kilby, CEO of Bishopsgate. The deal will see Bishopsgate’s UK-focused lines of business all move to the Compass brand over the course of early 2021.
Discussing the move, Longhurst said the joining of the brands is a natural next step for staff and customers. The combination will allow the business to present, grow and invest in a clear strategy across both UK and international areas of specialism, he said, and is a reflection of the similar values shared by Compass and Bishopsgate in terms of customer centricity and pride in their independence.
Meanwhile, John Lincoln, founder of Compass added: “We’re thrilled to be joining forces with
Bishopsgate. Their strong market presence, combined with our longstanding reputation, talented team and wide business appetite will provide UK brokers with an unparalleled London Markets offering.”