London Re is born.
Established through a joint venture agreement between James Hallam owner Seventeen Group and German commercial lines brokerage MRH Trowe, London Re is a Dusseldorf-based European Lloyd’s broker with a London branch.
According to Seventeen Group – the insurance group that is also behind Touchstone Underwriting – London Re will offer an independent broking solution for clients and brokers in the European Union who wish to access the London Market. Areas of specialisation include property, casualty, marine, and motorsport.
The newly formed business will be regulated in Germany while its UK branch has approval from the Financial Conduct Authority.
“When we considered the impact of Brexit on James Hallam, we decided without hesitation that we wanted to create a business which could directly service EU clients and brokers in the future,” explained Seventeen Group chief executive Paul Anscombe (pictured), who cited the diverse group’s growing international client base.
“We also recognised that it would add enormous strength to work in partnership with a broker whom we felt shared our ‘independent broker spirit’ and culture. We have known MRH Trowe for many years and respected the quality which Max and his team have brought to the German and Austrian markets.”
MRH Trowe, which this week secured a significant growth investment from private equity investor AnaCap Financial Partners, has a workforce of over 450 people based in one office in Austria and 12 in Germany.
Anscombe added that London Re’s Dusseldorf base puts it “in the heart of Europe” and offers significant opportunities to work with what he described as world-leading skills within the market.
The CEO went on to note: “Setting up this new venture during lockdown has been a mammoth task for both parties, but this is a very significant new chapter for our respective businesses and one which adds greatly to our strength in a rapidly changing world.”
Meanwhile MRH Trowe’s Maximilian Trowe, who will serve as joint managing director of London Re, said having direct access to Lloyd’s of London has been a longstanding strategic goal for his camp.
“We are excited that this became feasible through the personal relationship with Seventeen Group,” he commented. “London Re enables us to counter the capacity bottlenecks of insurers existing in the EU market and to offer support to medium-sized brokers for complex risks.
“We see tremendous opportunity within MRH Trowe’s client’s needs as well as the need for the services London Re offers to brokers across the EU.”