THB is set to acquire the Lloyd’s broking business of PWS International and the overseas interests of the PWS group.

The two companies are in negotiations in the hope of reaching a deal by the end of the year.

Acquisition terms are yet to be agreed and due diligence is being carried out.

THB Group chief executive Vic Thompson said: “The two businesses would complement each other’s operations well.

“PWS is a well respected reinsurance broker, operating primarily in the international market.

“It offers access to important growing markets in the Far East and Europe as well as South and Central America.”

Three months ago, THB acquired health and safety specialist Cardinus in a deal to complement and enhance the group’s existing risk management proposition.