Lloyd’s brokers SSL, Endeavour merge under JC Flowers
Lloyd’s brokers SSL Insurance Group and Endeavour Insurance Services have entered into an agreement to merge the businesses.
The deal will conclude with both companies being acquired by private investment firm JC Flowers & Co. (JCF).
The combined business will trade as SSL Endeavour and the leadership team at both companies will remain in place with Roger Spicer continuing as CEO of SSL and David Lawrence retaining his role as CEO of Endeavour. SSL Endeavour will be co-chaired by Andrew Sturdy, founder of SSL and Chris Giles, Endeavour chairman.
"The merger creates a highly complementary and entrepreneurial business from which to expand, both organically and through acquisition," said JCF vice president Jonathan Cox. "We look forward to working with the team as they develop their specialist proposition.”
The transaction is subject to FCA regulatory approval and is expected to complete in the second quarter of 2018.
Established in 2003, SSL is a marine broker, headquartered in London and serving clients in more than 80 countries. It has expertise in many other insurance classes including cash in transit, financial institution and political risk.
Founded in 1999, Endeavour specialises in the placement of business produced by North American and European agents handled under delegated authorities from its London office.
SSL CEO Spicer said: “JCF has successfully agreed two deals in the Lloyd’s market simultaneously which is a remarkable feat. They have brought together two successful companies with no overlap of business. I believe that SSL Endeavour will be able to provide a broader offering to its combined client base. We are looking forward to an exciting future working together with the Endeavour team.”
Endeavour founder and CEO Lawrence added: “Both Endeavour and SSL are specialist international brokers, committed to increasing the efficiency and flow of business into the London Market. We are delighted to be combining with the talented SSL team. With the backing of JCF, SSL Endeavour’s focus on growth and modernisation initiatives will make it very well placed for future expansion, both organically and through acquisitions.”
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