London broker Chesterfield a ‘cultural fit’
US-based Kaufman Financial Group has bought London broker Chesterfield Group.
Chesterfield has businesses in the UK, USA and Canada.
Kaufman president, chairman and chief executive Alan Jay Kaufman said: “The acquisition of the Chesterfield Group is an important addition to the Kaufman Financial Group and will act as a vehicle to expand our international presence and leverage our strength worldwide.”
“Chesterfield was attractive to our organisation due to their entrepreneurial spirit and drive, along with their strong relationships in the London market and beyond.” Kaufman added.
Chesterfield Group’s Lloyd’s broker, Chesterfield Insurance Brokers, is the firm’s principal operating company.
Chesterfield managing director James Stevenson said: “The cultural similarities of the two groups combined with an excellent strategic fit in the USA, Canada and London will enable our combined business to offer a greater depth of products to our clients and producing brokers worldwide. It also extends Chesterfield’s reach and strengthens our relationship with Lloyd’s and London insurers.”
The acquisition also included Chesterfield Canada, a Canadian-based wholesale broker focused on specialty commercial risks. This marks Kaufman Financial Group’s entry into the Canadian market. The Canadian business will operate under the name of Kaufman Financial Group’s largest subsidiary, Burns & Wilcox.
Van Wagoner Companies, one of the oldest managing general agents in the USA, was also included in the deal.
The acquisition adds more than 60 people to the Kaufman Financial Group team, including senior management, who will remain in their current leadership positions.