Insurance brokerage mergers are always big news, and here’s one that ushered in the new month.
Speciality risk management firm Integro Insurance Brokers is making a swoop for Lloyd’s broker Tyser & Co Ltd. (Tysers) for an undisclosed sum. It is the international insurance brokerage’s largest acquisition to date.
Subject to regulatory approvals, Integro will become the full owner of Tysers’ parent company Hawkes Bay Holdings Ltd. Here’s what will happen when the deal is completed:
Wholesale will be managed by David Abraham and Jason Collins, Integro’s current co-heads of UK wholesale, while Integro’s UK retail head Bob Pybus will lead the combined retail business. The broader management team – a combination of the existing executive teams at Integro and Tysers – will be announced at a later time.
“With continuing evolution and consolidation in the market, I am confident that by bringing Tysers and Integro together we can go forward under the Tysers brand and develop an exciting business,” commented Tysers chair Christopher Spratt, who will join Integro’s UK board. “This will deliver enhanced services to our clients, opportunities for our staff, and an attractive proposition to the London market and beyond.”
Integro, which serves clients in more than 125 countries, is active in speciality areas such as aviation, benefits consulting, entertainment & sport, financial institutions, healthcare, marine/energy, professional services, real estate/construction, reinsurance, retail/consumer services, and transportation & logistics.
Meanwhile Tysers operates internationally in the North America, international, reinsurance, and marine & specialty practice groups. The specialist broker was founded in 1820.
