AssuredPartners Announces Acquisition of London-based Brokerage
- June 29, 2018
AssuredPartners Announces Acquisition of B&W Brokers Limited
LAKE MARY, FL -- AssuredPartners, Inc. is pleased to announce the acquisition of B&W Brokers, Ltd of London. B&W specializes in providing casualty and property insurance and has a formidable reputation in placing binding authorities, servicing clients in Canada, Australia, UAE and North America. The team of 13 will continue operations under the leadership of Managing Director Michael Bender, who along with his staff will roll into the AP London operations in the coming weeks. B&W reports approximately $3.5 million in revenues.
David Heathfield, CEO of AP London commented “The acquisition of B&W allows us to expand our breadth of expertise here in London and service the ever-increasing flow of business entering the London market via our US operations. We have been looking carefully at expanding AP London and believe that the B&W business, together with the experience and expertise held by Mike and his team, will generate cost synergies and revenue growth for all parties immediately.”
B&W’s Michael Bender stated “The staff and I at B&W are delighted to be joining David & his team at AP London. Whilst B&W is still in its infancy we have had a very successful couple of years & have had various offers to sell during that period. Up until now we hadn’t considered any of the approaches seriously but AP London ticked a lot of boxes for us. With their financial backing we will be aiming to entice quality individuals & teams to AP London in London and in so doing assist David and Stuart to grow the successful operation they already run. The added opportunity to tap into AssuredPartners domestically in the USA for potential business will increase our footprint in a territory we were looking to expand into, and with the help of some strategic underwriting partners we expect to be successful with this endeavor. Our existing clients, the majority of which have been with us for a long time, will also benefit from the expertise held by AP London in London in classes of business we cannot currently handle. Overall a win, win for all parties involved”.
AssuredPartners President and COO Tom Riley commented, “The B&W team has more than 25 years experience in the marketplace and has established successful, long term relationships with leading Lloyd’s Syndicates. This international presence is a further commitment to AssuredPartners growth and prosperity when finding new partners. We’re pleased to have the clients and employees of B&W welcomed into the AP London operations and we are confident this will be the beginning of a great partnership.”