CGSC MGA buys energy rival

US upstream oil and gas energy managing general agent (MGA) JH Blades has acquired rival wholesale broker Burke-Daniels.

Part of Cooper Gay Swett & Crawford (CGSC), JH Blades will now place in excess of $250 million of property, control of well and casualty premiums via contract and open brokerage into the US and London markets each year.

Bob Daniels, president of Burke-Daniels, will join JH Blades as executive vice president and play a senior role in CGSC North America’s long-running energy practice group.

Richard Martin, chief executive officer (CEO) of JH Blades, said: “We source nearly 20% of the US-based upstream oil and gas premium at Lloyd’s each year via long-established contracts placed by London brokers including CGNMB. We have additional contracts in place in the US and, with the open market contacts introduced by the Burke-Daniels team, our retailers can now access 95 percent of the relevant capacity in the market.”

Daniels said:  “For 34 years our team has offered the sensible alternative to J.H. Blades’ products and it’s time for us to offer retail brokers the best of both worlds. A lot has happened since I began my career working for Mr Blades, but Richard and his team have upheld the traditions I both learned at JH Blades and have upheld at my own firm. Together we look forward to offering the absolute best in class products and customer service.”

Tom Ruggieri, CEO of CGSC North America, said: “Energy has been a successful product practice group for us with JHB and Swett & Crawford as market leaders for decades.  We serve over 1,600 insureds in the industry and, especially given the state of oil and gas pricing, this expansion signals our long-term commitment to this market. Burke-Daniels clients also stand to gain a lot from access to our casualty and professional lines products and to the rest of our global platform. With this enlarged team in place, we look forward to driving growth and new product innovation.”