The CGSC acquisition of NMB reported to be worth about £40m
Cooper Gay Swett & Crawford (CGSC) chief executive Toby Esser expects the acquisition of Newman Martin & Buchan (NMB) to be approved by the FCA by the end of the month.
It was reported back in February that CGSC had agreed terms to acquire London market broker NMB in a deal worth roughly £40m, after they entered into talks last September.
Esser (pictured) said: “We have been waiting for FCA approval, so that will obviously change matters around for us.”
Both brokers feature in the Insurance Times Top 50 Brokers, with CGSC at number 10 a £224.8m brokerage and NMB at 33 with a £34m brokerage. The deal will not alter CGSC’s rank – ninth placed Switon has a £301.6m brokerage.
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