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LONDON Oxygen Holdings P.L.C. , the parent company of the Lloyd's of London broker Oxygen Insurance Brokers Ltd., has completed the acquisition of broker Smart & Cook Consulting Ltd.
SCC provides broking and risk management advice services to corporate clients in the United Kingdom on a fee basis.
The business will become part of Oxygen's broking operation and will be branded Oxygen U.K. Corporate Risks.
This latest deal provides Oxygen with its first operating location outside London. It said that it would "provide a platform from which to develop a wider U.K. regional presence in all classes of insurance."
The company said that the expanded client base will now encompass a number of large U.K. corporate businesses.
Oxygen UK Corporate Risks will employ over 30 people and continue to operate from its offices in Leeds.
Seán Hicks will join Oxygen as Head of Oxygen U.K. Corporate Risks and will be joined by all members of his existing team including Chris Brady, Graeme McIntyre, Keith Florence, Nigel Harrison and Richard Butcher.
Nigel Barton, chief executive officer of Oxygen Holdings P.L.C., said: "Seán and his team operate a business model that fits perfectly with the direction the insurance market is moving. Full transparency and high quality of service are becoming essential characteristics for all insurance businesses, especially given the Financial Services Authority's recent admission that the prospect of mandatory commission disclosure is becoming ever more likely. As a result we see our two businesses as a perfect fit."
"Seán's team also provides us with access to new client sectors and expanded product offerings that reflect the needs of UK insurance buyers in one of the most dynamic markets. There is no doubt that this is an exciting development for Oxygen as this business will play an important part in our future growth."