THB buys Globesure

Specialist insurance and reinsurance broker Thompson Heath & Bond (THB) has bought recently launched reinsurance broker Globesure.

Part of Globesure already acts as an appointed representative of THB’s Lloyd's broker, specialising in international property, power and mining risks.

THB will pay £206,000 in cash, plus 80,455 new THB ordinary shares of 10p each. The closing price of the THB ordinary shares on 18 December 2008 was 55p each.

An application has been made for the shares to be admitted to trading on AIM, which is expected on 24 December 2008.

Frank Murphy, chief executive of THB's Lloyd's broker, said: “This is an important acquisition for THB. It will further enhance our service to a growing international client base, building on the purchase of the business of PWS International in January 2008. We are delighted to have secured for THB the expertise of a team recognised as dynamic operators in their specialist sector. Whilst it is unlikely to have a material impact on the short term financial performance of the Group, strategically we expect it to strengthen our international offering.”

Craig Kingaby, managing director of Globesure, said: “We are confident that THB will be an excellent home for the Globesure team. They have an unparalleled reputation in the London market for professional service and integrity, on which our international clients rely. We are looking forward to working closely with THB to develop our business.”