NU Online News Service, June 8, 3:30 p.m. EDT
Cooper Gay Group and Swett & Crawford confirmed they are in "advanced deal discussions" on a merger that would create the world's largest independent global wholesale and reinsurance broker.
The brokerages said the two businesses would come together under a new group holding company, which would retain a high proportion of ownership by the working employees. Management of the combined group would be led by Toby Esser as group chief executive, the companies said. Mr. Esser is currently CEO of London-based Cooper Gay.
Neal Abernathy would continue to be the chief executive of U.S. wholesale broker Swett & Crawford, with Cooper Gay's North American businesses reporting to him.
Mr. Esser said, "The Cooper Gay team is very excited about the prospect of joining forces with Swett & Crawford to form the world's largest independent wholesale, reinsurance and specialist broker with a very substantial presence in the key U.S. market. The new group will be unique in terms of our range of products and market access."
Mr. Abernathy added, "Swett & Crawford is delighted to be in transaction talks with Cooper Gay as the strong synergies and excellent strategic fit between our businesses presents a very appealing proposition for the support of our clients and development of our staff. In addition, the creation of the new independent broking group with $3.5 billion in premiums will enable us to take advantage of further opportunities in the global insurance and reinsurance markets."
Cooper Gay and Swett & Crawford said that together they place about $3.5 billion in premiums in the London, U.S. and international insurance markets.
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