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New York-based insurance brokerage and risk management firm Integro Ltd. said Tuesday that it has acquired London-based managing general agent Entertainment Risk Management Ltd.
Terms of the transaction were not disclosed.
Entertainment Risk Management is an underwriter that serves brokers specializing in entertainment-related business, primarily film and television production.
The managing general agent will remain under the leadership of co-founders John Green and Karl Crawford, who will report to Neil Clayton, head of Integro's global entertainment practice, Integro said in a statement.
Entertainment Risk Management employees will be a part of the Integro entertainment practice but remain a separate legal entity, according to an Integro spokeswoman. The company will continue to operate under the Entertainment Risk Management brand, she said.
“Entertainment Risk Management adds an important element to Integro's entertainment sector capabilities,” Neil Clayton, global practice leader for entertainment, said in the statement.
“ERM will continue to operate as a Lloyd's coverholder serving an international network of retail brokers providing a specialist underwriting service for their clients.” Mr. Clayton said in the statement. “ERM rightfully expects Integro will provide greater financial strength to develop new underwriting systems and new product lines which are complementary to ERM's core business.”
Integro is the 20th-largest broker of U.S. business, according to Business Insurance's latest ranking.