Lockton expands marine and P&I operations with acquisition

Insurance broker Lockton has announced has entered into negotiations to acquire specialist Italian broker PL Ferrari & Co.

Headquartered in Genoa, Italy, PL Ferrari & Co specialises in marine and protection and indemnity (P&I) insurance. As well as Genoa, the firm also hava offices in Ferrara and Naples in Italy and offices in Athens, Monaco and London.

“PL Ferrari & Co is a fantastic cultural fit for us with its success based on a high degree of client focus and independence that rings true with our own values” said Neil Nimmo, deputy chief executive officer, Lockton.

“Future announcements will be made once the businesses are further down the line with the exclusive due diligence processes that are underway”

As part of its ongoing marine strategy, Lockton has also confirmed that it is due to take a significant investment stake in the insurance and reinsurance broking business of the Singaporean broker LCH, a marine insurance and reinsurance broking firm in the region.

The investment has been approved by the Monetary Authority of Singapore and will commence trading from 4th January 2016 as a new jointly branded company, LCH Lockton.