Lochain Patrick Expansion Snags LSR
NU Online News Service, Jan. 20, 2:20 p.m. EST?The independent Lloyd's broker, Lochain Patrick Insurance Brokers Ltd., said today it has reached agreement in principle to acquire the specialist marine insurance and reinsurance advisory and brokerage company, London Special Risks Ltd.[@@]
Full details of the agreement, which in part involves a payment of cash and shares to David Edwards, LSR owner and managing director, were not announced. The acquisition is subject to Lloyd's approval.
Lochain Patrick said it intends to buy other brokers and the purchase is part of that expansion program
Peter Rigby, a spokesman for Lochain Patrick, said that following this acquisition the combined group will handle premium in the region of $150 million. He said LSR has 25 employees and Lochain Patrick a staff of 45. "The intention is that the first of April, they will all move into a single office near the Lloyd's building," he said.
Mr. Edwards will join the board of Lochain Patrick, and all staff will be integrated throughout the combined operations, Lochain Patrick said.
Miles Ritchie, Lochain Patrick' director, said the acquisition "is an ideal strategic fit for us. We know the portfolio of LSR and their client base, and have great respect for the professionalism of the team. The combined group will give us one of the leading marine hull brokerage businesses in the London Market"
Dominic Donoghue, Lochain Patrick managing director, said his company views the planned acquisition as part of a "longer-term growth strategy in both marine and non-marine insurance and reinsurance disciplines. This strategy will see further acquisitions of existing brokerage businesses and of teams and individuals where skills and culture match our own."
Lochain Patrick is privately owned by its directors and employees. The firm provides independent insurance brokerage services to a range of U.K. and international clients. The company since its founding in 1987 has focused on marine insurance, with a primary specialization in marine hull coverage. It has specialist non-marine and reinsurance operations as well.
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