Broking group seeks boost to speciality lines business.
London-based broking group RK Harrison is poised to acquire Lloyd’s broker Bowood.
RK Harrison confirmed this week that it was in advanced negotiations to buy Bowood Holdings and its trading arm, Bowood Partners.
The deal will increase RK Harrison’s revenues by about 25% and boost its speciality lines business.
Paul Bridgwater, chief executive of RK Harrison, said: “Bowood Partners is a successful independent broker with a reputation for excellence in their fields. We are excited by the opportunity to take another important step in our ambition to build the leading independent, privately owned broking group.”
Bowood Holdings employs 80 people in its London office and has annual revenues of £11m. It is focused on speciality lines including cargo, energy, healthcare-related business, medical malpractice insurance and reinsurance.
RK Harrison has revenues of £45m and operates across a broad base of products in the UK retail, international, wholesale and reinsurance arenas. A third of its business is UK retail and the remainder is speciality business.
David Reed, chief executive of Bowood Partners, said: “We have built Bowood into a respected and profitable specialist broker. I am delighted that we now look forward to further developing our business within an independent, like-minded organisation.”