Merger with Swett and Crawford takes premium income to $3.5bn
Cooper Gay chief executive Toby Esser said today's completed merger with Swett and Crawford had created the biggest wholesale and reinsurance broker in the world.
The two businesses will come together under a new group holding company, Cooper Gay Swett & Crawford Ltd.
The enlarged Group will place approximately $3.5 billion in premiums in the United States, London and International insurance markets and employ over 1,500 staff based in more than 60 offices across four continents.
As already announced, the combined group will be led by Toby Esser as Group Chief Executive.
J. Neal Abernathy will continue as president & chief executive of Swett & Crawford, and will also become a member of the new holding company’s Executive Committee.
All of the Group’s operations in North America will report to Mr. Abernathy.
Cooper Gay’s offices outside North America and all Swett & Crawford business units will continue to trade as before.
They will keep their existing branding and management teams, but will focus on implementing combined best practices and driving synergies across the Group.
Employee shareholders remain the largest single group of investors in Cooper Gay Swett & Crawford Ltd., with existing strategic partners MDS SGPS and HM Capital retaining significant stakes in the combined business.
Esser said: “I am truly delighted that we have completed this transformational deal. By bringing together the resources of Cooper Gay and Swett & Crawford under common ownership, we have not only created the world’s largest truly global independent wholesale and reinsurance broker, but have also created an exceptional team with the experience and skills to deliver market leading service to our clients.
"Our enhanced scale and broad product range will also act as a springboard for future growth and development. We will not be resting on our laurels but working to take advantage of the many exciting opportunities the transaction will create.”
Abernathy said: “The strong synergies and excellent strategic fit between our businesses was clearly apparent from the very outset of our talks. With the deal completed we now look forward to demonstrating the full potential of our enhanced international network, broader professional expertise and increased market access to both clients and the markets in which we operate.”