Broker Lockton has acquired the specialist motorsport insurance broker, MIS Motorsport, based in the UK.
The transaction was completed on June 1, 2014 after receiving regulatory approval.
Lockton already has a presence in the UK motorsport market and in the US where it acts for a number of speedway tracks, rallies, and car clubs.
MIS Motorsport is a recognised brand across market segments ranging from Formula 1 to Karting.
The combined team will be based in the north of England working out of Lockton and MIS premises in Manchester and Leeds.
Lockton believes that the acquisition will strengthen its offering in this sector and give it a winning position in the motorsport business while supporting MIS Motorsport’s expansion into the large US market.
Paul Jack, partner at Lockton, said: "Combining MIS Motorsport and our own business will make Lockton the leading insurance and risk advisor to the UK motorsport industry. Culturally, the businesses are well aligned with a mutual desire for global growth, a compelling offering to the motorsport industry, and a shared passion for customer service.
“Dermot Hanafin, chief executive of MIS Motorsport, has unrivalled knowledge of the needs of motorsport clients, and we are delighted to welcome Dermot and his team to Lockton.”
Hanafin said: "I am excited to be joining Lockton. Lockton’s customer-focused approach, passion for the motorsport industry and global platform make for a great match with the expertise of MIS Motorsport. We look forward to future growth and the development of the MIS, Lockton Motorsport brand on the worldwide stage.”
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Lockton, Europe, MIS Motorsport