London-headquartered insurance brokerage Benfield Corporate Risk said it has acquired a Canadian specialty brokerage operation that handles petroleum industry business.
The company furnished no monetary details concerning the transaction involving two businesses of Beaufort Group–Beaufort International Insurance Inc. and Beaufort Insurance Services Inc. in Calgary Canada.
At the same time, Benfield said that Dougal Simpson, chief executive of BIII and BISI, has been appointed head of its expanded Canadian operation.
Both BIII and BISI provide specialist insurance broking services to companies operating in the oil and gas exploration and oil sands industries throughout western Canada, Benfield said.
John Lapsley, chief executive of Benfield Corporate Risk, said from Calgary that “the transaction doubles our size in western Canada” and the Benfield operation would go from 10 employees to 20 employees.” He said the firm does not disclose the volume of business it does.
The acquired firms, Benfield said, will be combined with Benfield Corporate Risk’s Calgary office, which was established in January 2005 and will enhance the company’s specialty capabilities in the Canadian energy sector.
The businesses will trade as Benfield Corporate Risk with immediate effect and all employees from BIII and BISI will remain with the company.
Mr. Lapsley said in a statement that the acquisitions “will enable us to further expand our energy operations in this important market and will complement our Mining, Construction and Aviation operations in Calgary and Vancouver.”
Mr. Simpson, the new chief executive officer of Benfield Corporate Risk Canada, commented, “Combining our operations with Benfield Corporate Risk will enable our existing and new customers to benefit from an enhanced level of service and capabilities.”