H.W. KaufmanGroup, a global network of insurance companies, has acquiredBarbicanProtectLimited, which will rebrand as Burns &Wilcox and join H.W. Kaufman Group London. This is the fourthacquisition by Kaufman in the U.K. in the past seven years, addingto its ongoing expansion efforts.
|Barbican Protect, previously of Barbican Insurance Group,specializes in commercial property, casualty, financial lines andmarine, focusing on regional retail brokers across the U.K.
|Commenting on the acquisition, Chris Zoidis, executive vicepresident of H.W. Kaufman Group said, "The H.W. Kaufman Group has asignificant presence in London today, with four companiescomprising our London group. While our existing London-basedentities serve the U.K. as well as other international territories,Barbican Protect is the first entity in the group that focusesspecifically on the UK market."
|"With the rebranding of the business as Burns & Wilcox, itmarks the first expansion of Burns & Wilcox outside NorthAmerica, and will provide a stepping stone for furtherinternational expansion of Burns & Wilcox," Zoidis said.
|In regard to any concern around Brexit, Zoidis said, "With theBarbican Protect business primarily focused on U.K. clients, theimpact from any Brexit outcome will likely be minimal. Additionally, we have a number of plans in place which will ensurethat with any Brexit outcome there will be very little disruptionto the growth of the business."
|Barbican Protect will operate in the H.W. Kaufman Group Londonoffice and in Manchester, England, as Burns & Wilcox. Thetransaction is expected to close in the next 60 days, pendingregulatory approvals.
|See also:
- Global insurance deals totaled $4.61 billion inSeptember 2019
- InsurTechs achieved a record-breaking $3B ininvestments in first-half 2019
- Hot M&A market continues for insuranceagencies
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