Kaufman buys Oval, which will rebrand to original Lochain Patrick
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The H.W. Kaufman Financial Group on Tuesday said it has purchased London-based Lloyd's of London broker Oval International Ltd.
Financial terms of the transaction were not released.
In a statement, Kaufman said specialty marine and energy broker Oval International, which was founded as Lochain Patrick in 1987, will return to its original name and that the broker's executive leadership and extended team will continue in their existing roles following the acquisition. The Lochain Patrick acquisition comes after Kaufman Financial Group acquired another London-based Lloyd's broker, Chesterfield Group, in January 2012.
“Our continued strength in London — the epicenter of the global insurance market — has a direct and significant impact on our business in the U.S., Canada and throughout the rest of the world,” Alan Jay Kaufman, chairman, president and CEO of the Kaufman Financial Group, said in a statement. “The acquisition of Lochain Patrick adds an important dimension to our company and signals our ongoing interest in adding like-minded, independent and entrepreneurial brokerage teams to our London operation.”
Andrew Hills, Lochain Patrick managing director and a founding member of the firm, said the two companies were a good fit.
“We see the Kaufman Financial Group as the ideal strategic partner,” Mr. Hills said in the statement. “They are a major global player, have shown a commitment to sustainable growth in London and possess the long-term financial strength and security to invest in our future.”
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