ASSUREDPARTNERS LONDON (“APL”) AGREEMENT TO BUY LLOYD’S BROKER, B&W BROKERS LIMITED (“B&W”)
B&W specialises in providing casualty and property insurance and has a strong reputation in placing binding authorities, servicing clients in Canada, Australia, UAE and North America. The deal comes as AssuredPartners Inc recently announced its 200th acquisition and is a further demonstration of its commitment to expand its London operation following the most recent acquisition of A&H broker, Chisholm Richards & Hart Ltd.
The B&W business will continue to be run by Michael Bender who, along with his staff, will roll into the APL office after the agreement receives regulatory approval in the coming weeks. David Heathfield, CEO of APL commented “the acquisition of B&W allows us to expand our breadth of expertise here in London and service the ever increasing flow of business entering the London market via our US operations. We have been looking carefully at expanding APL and believe that the B&W business, together with the experience and expertise held by Mike and his team, will generate cost synergies and revenue growth for all parties immediately.
“Our team, including Stuart Quilter, FD, has spent the last 18 months integrating its previous acquisitions providing a platform to continue our growth strategy. This is an exciting time for the London operation and we expect to expand further via acquisition in the near future.”
Michael Bender stated “the staff and I at B & W are delighted to be joining David & his team at APL. Whilst B & W is still in its infancy we have had a very successful couple of years & have had various offers to sell during that period. Up until now we hadn’t considered any of the approaches seriously but APL ticked a lot of boxes for us. With their financial backing we will be aiming to entice quality individuals & teams to APL in London & in so doing assist David & Stuart to grow the successful operation they already run. The added opportunity to tap into AssuredPartners domestically in the USA for potential business will increase our footprint in a territory we were looking to expand into, and with the help of some strategic underwriting partners we expect to be successful with this endeavour. Our existing clients, the majority of which have been with us for a long time, will also benefit from the expertise held by APL in London in classes of business we cannot currently handle. Overall a win, win for all parties involved”.
Established in 2015, at B&W Brokers our goal is to seek long term relationships with Clients and Underwriters alike. The focus is always on establishing profitable business for our Clients and Markets. This can be shown in the fact that over half of our clients have been with us in excess of 10 years.
We concentrate on Casualty & Property lines of business for the majority of our time but we can consider other classes in order for us to provide a “Full Service” to our existing and new potential clients.
Our reputation has been founded on Binding Authorities, but we can also seek Open Market placements for these classes of business. Territories currently covered are Canada, Australia, UAE and USA but we are happy to consider other Countries as well.
The team has more than 25 years’ experience in the marketplace and has established successful, long term relationships with leading Lloyd’s Syndicates.
Being a specialist boutique Broker means we can offer full support in obtaining Lloyd’s Coverholder status and ultimately a Lloyd’s Binding Authority contract.
The team also has its own dedicated Claims department enabling us to provide a complete service to all our clients.
In addition, we operate a Canadian “In-House” underwriting contract for Miscellaneous Professional Liability, Medical Malpractice, CGL and D&O. This facility enables us to focus on smaller businesses, as we are able to offer limits up to $5,000,000 with premiums starting as low as $1,000. We have the capacity to quote (within 24 hours) and issue (within 7 days).