Lloyd's specialty market broker Thompson Heath & Bond has upped its annual brokerage to £21m by buying niche insurance specialist TL Clowes.
Lloyd's specialty market broker Thompson Heath & Bond (THB) has upped its annual brokerage to £21m by buying niche insurance specialist TL Clowes (TLC).
The acquisition is the latest step in THB's growth strategy. The company said it aimed to combine organic growth with "the acquisition of quality niche brokers who have complimentary skills and expertise".
The deal will see THB take-over all three of TLC's operating subsidiaries: its Lloyd's broking operation, its commercial broking operation and its financial services operation.
Although the three subsidiaries will continue to trade under their existing names, THB said it would eventually merge TLC's Lloyd's operation with its own.
TLC was established in 1977. It is best known for its insurance of the motorsport industry, particularly Formula 1.
TLC joint managing directors Paul Dudley and Karen Watson will hold senior positions within the enlarged THB group, while chairman Tim Clowes will continue to work with the group in a consultancy capacity.
The enlarged THB will have 260 employees.
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