Outsourcing group Claims Management Group Limited (CMGL) has acquired Lambourn Insurance Services this week for an undisclosed sum.
The combined organisation will be based in London and will employ more than 400 staff.
CMGL is a market leader in claims and insurance management services for large corporate companies, general insurers, captives and participants in the London Market, employing 350 personnel.
Managing more than £3bn of claims liabilities, CMGL has offices in Cheltenham and Birmingham and its sister company Risk Enterprise Management in the US, employs around 500 people.
Lambourn, which provides back- office support for Lloyd's managing agencies and a range of reinsurance and debt related services in the London market, has 65 employees.
Both organisations, which were established in 1993, do not have any client overlap and will continue to work independently without any job losses.
They will combine their resources for some of their clients and before the merger, had begun working on several joint initiatives six months ago.
Jerry McArthur, managing director of CMGL, said: “The services and visions of the organisations match and seem entirely complementary. Our acquisition of Lambourn will consolidate and enhance our expertise, particularly in the areas of reinsurance recovery, credit control and business process outsourcing (BPO) to the Lloyd's market.
“We are also looking to accelerate our outsourcing back-office and business process support services to Lloyd's managing agencies.”
CMGL, which is now on a recruiting drive for reinsurance technical staff and claims adjusters, will also offer new services such as credit control systems and more in depth reinsurance knowledge.
Peter Montanaro, director of Lambourn, said: “We have built up a very successful organisation of which we are very proud, and the decision to sell to CMGL was not one we took lightly.
“However, we share the same values for innovation and setting standards of best practice within our industry. This, coupled with the fact that we have already been working with them on a number of successful joint initiatives and proposals means we know that, culturally, we are an excellent fit.”