Sedgwick Oakwood Capital has acquired Hampden in a move that will create the largest members' agency in the Lloyd's market, managing approximately £1.5bn capacity.
SOC has also acquired Hampden's tax consultancy business and plans to merge this with its own SOC Taxation Consultants, will create an ongoing business of more than 1,600 Lloyd's Names as private clients.
The £5.2m deal, paid for by £2m cash and the remainder in shares, creates a client base of 2,000 individual Names, 540 NameCos and seven collective conversion vehicles.
Tim Riddell, managing director of SOC, said the merger underlines its commitment to encouraging the flow of private capital into Lloyd's.
“Our aim is to continue to work constructively with both Lloyd's and managing agents to encourage the development of private capital in the Lloyd's market.”
His colleague at HAL, chief executive Nigel Hanbury, said the merger builds on both firms' strengths.
He said: “It will allow our Names to participate in the recovery of the insurance cycle in the knowledge that their advisers are financially sound and able to call on all necessary resources to continue to advance Names' interests.”