The acquisition, for an undisclosed consideration, will increase Cooper Gay’s UK revenue by over £8.5m
In line with its strategy of acquiring complementary wholesale and reinsurance businesses in the London market, independent global broker Cooper Gay has acquired the Aerospace, Reinsurance and UK wholesale divisions of Heath Lambert.
According to Cooper Gay is has also purchased elements of Heath Lambert’s Global Business Solutions (GBS) unit. However, Heath Lambert said discussions were ongoing surrounding the sale of GBS.
Adrian Colosso, chief executive officer for Heath Lambert Group, commented: "From our perspective, we have made no secret of our plans to become a UK focused retail insurance broker and employee benefits consultant, so this sale represents another milestone in achieving that objective.
"But we are keen to reiterate that we will retain a number of speciality wholesale lines of business and that our commitment in these areas of our work remains as strong as it has ever been.
"Cooper Gay is a great home for our now ex-colleagues and we wish them all the very best and continued success.”
The acquisition, for an undisclosed consideration, will increase Cooper Gay’s UK revenue by over £8.5m and 70 Heath Lambert staff will transfer to Cooper Gay in London with immediate effect.
Cooper Gay’s Group CEO, Toby Esser, said: “We are delighted to have completed this very significant acquisition and look forward to working with our new colleagues as we continue to develop and grow our business.
The resources we have acquired are a perfect fit with our existing operations, strengthening our Aerospace, Professional Risks and Non Marine Reinsurance teams, while also creating a strong UK wholesale division for Cooper Gay.
“James Summers, chief executive of the UK Company, and I are firmly committed to providing the Heath Lambert transferring clients with the highest possible service levels. With Cooper Gay’s current resources, geographic reach and market leading service ability, it is our firm belief that this transfer will offer the incoming clients an enhanced service experience.”