Fate of Heath's international wholsesale business remains unclear.
Cooper Gay has concluded the purchase of Heath Lambert's Aviation, wholesale and Reinsurance divisions for an undisclosed sum.
The units, which have total revenues of £8.5m, and 70 staff will transfer under TUPE to the employment of Cooper Gay at the end of the month.
The fate of Heath Lambert's international wholesale division, Global Business Solutions (GBS) remains uncertain. Following reports that Heath had withdrawn the unit from the sale, Cooper Gay confirmed it had purchased parts of the business, consisting of its professional risks and property and casualty teams.
In a statement Heath Lambert said that commercial discussions with regard to the sale of GBS were ongoing, but a spokesman for Cooper Gay played down the likelihood of any further activity. "We've bought the bits we wanted," he said.
Adrian Colosso, chief executive of Heath Lambert, said that despite the move, the group remained committed to a number of speciality lines. He said: "From our perspective, we have made no secret of our plans to become a UK focused retail insurance broker and employee benefits consultant, so this sale represents another milestone in achieving that objective.
"But we are keen to reiterate that we will retain a number of speciality wholesale lines of business and that our commitment in these areas of our work remains as strong as it has ever been."
“We will retain a number of speciality wholesale lines of business. Our commitment in these areas of our work remains as strong as it has ever been
Adrian Colosso, Heath Lambert
Cooper Gay said that the purchase was in line with its strategy of acquiring complementary wholesale and reinsurance businesses in the London market. Group chief executive Toby Esser said: “We are delighted to have completed this very significant acquisition and look forward to working with our new colleagues as we continue to develop and grow our business.
"The resources we have acquired are a perfect fit with our existing operations, strengthening our Aerospace, Professional Risks and Non Marine Reinsurance teams, while also creating a strong UK wholesale division for Cooper Gay.
“With Cooper Gay’s current resources, geographic reach and market leading service ability, it is our firm belief that this transfer will offer the incoming clients an enhanced service experience.”
Earlier this month, Cooper Gay announced a 32 per cent rise in earnings in its 2007 resutls. Group revenues were £68.1million; up 3 per cent on the previous year.
At the time, Esser described speculation that it the company was set to float on the London Stock Exchange in the third quarter of this year as "premature", after sources close to the broker hinted that it was considering an IPO as part of its future growth plans.
