Energy broker NMB to keep brand in ‘powerhouse’ merger
Gordon Newman (pictured) will be joining the senior management team at Cooper Gay Swett & Crawford (CGSC) following its acquisition of Lloyd’s broker Newman Martin & Buchan (NMB).
In a deal reported to be worth around £40m, NMB will keep its own brand, and keep its previous focus on energy and related sectors, as well as its NMB Specialty coverholder business.
It was reported back in February that CGSC had agreed terms with NMB, after they entered into talks last September, but the official announcement has been made today by both sides.
CGSC group chief exec Toby Esser said: “I am delighted with this important acquisition, our first major deal since we received significant investment from Lightyear Capital and achieved a successful debt refinancing earlier this year.
“The combination of Cooper Gay and NMB in London will create a real powerhouse among independent brokers.”
The combined businesses which will create over 400 staff, will also deliver business across the marine, specialty, property, casualty, financial and political risks and reinsurance sectors.
Newman, chairman of NMB, said: “I am delighted that negotiations with CGSC have come to a successful conclusion.
“Our London businesses are an excellent strategic fit, both in terms of classes of business and geographic spread.”
“This acquisition will create a significant independent force in the London market and I and my colleagues are very much looking forward to being part of it.”
The acquisition is still subject to FCA approval. Esser told Insurance Times earlier this month he expects the approval to go through by the end of September.