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Integro buys London brokerage

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Integro buys London brokerage

Integro Group Holdings L.P. will combine its UK wholesale and retail operations with specialist Lloyd’s of London broker Tyser & Co. Ltd. with the acquisition of Hawkes Bay Holdings Ltd., Tyser’s privately held principal parent company.

Terms of the deal, which requires regulatory approvals, were not disclosed.

Integro did say, however, that Tysers, which according to its website has about 260 employees and places about £700 million ($861 million) in premiums annually, is its largest acquisition to date, and will create a brokerage with “double the scale.”

The firms have complementary wholesale operations, “which will provide opportunities to expand and enhance the businesses client offering,” the statement said. The combined unit will use the Tysers brand and be led by David Abraham and Jason Collins, Integro’s current co-heads of UK wholesale.

Tysers’ UK corporate team members will join Integro’s UK retail team, which will be run by Bob Pybus, Integro’s head of UK retail, and use the Integro brand, the statement said.

Christopher Spratt, Tysers’ chairman, and Peter Haynes, a non-executive director, will join Integro’s UK board, the statement said. Further executive announcements will be made “in due course.”

Founded in 1820, Tysers has four practice groups: North America, international, reinsurance and marine & specialty, the statement said, and is “100% colleague-owned.”

Integro, founded in 2005 and owned by Odyssey Investment Partners L.L.C., serves specialty lines including aviation, entertainment and sport, marine and energy, and transportation and logistics, the statement said.

“This combination, once completed, will create a significantly larger wholesale platform that still retains its identity of being client-focused and a specialist broker,” Mr. Collins said in the statement. “Clients will benefit from an enhanced range of products reflecting the broader skill base of the combined firms.” 

“In addition to their wholesale team, Tysers brings a talented retail team which will improve our ability to serve corporate clients out of London,” Mr. Pybus said in the statement.

Integro is the 20th largest broker of U.S. business with $221.1 million in U.S. revenue, according to Business Insurance’s latest ranking.

 

 

 

 

 

 

 

 

 

 

 

 

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