UK brokerage Kastor acquires BritAmerica in ‘transformational deal’
An independent global re/insurance brokerage holding has expanded into America with the acquisition of a US-based business licensed to write in all 50 states with specialty in equine, livestock and pet managing general agent (MGA), that also trades internationally through its wholly-owned Lloyd’s of London broker.
Kastor Holdings has acquired BritAmerica Management Group and its London subsidiary BMG Insurance Brokers. The deal was completed on December 1.
BritAmerica is based in Dallas, Texas and was founded by Simon Hall in 2002. Kastor owns Lloyd’s of London brokerages Ramon International Insurance Brokers and Sanctuary Insurance Brokers, as well as Ramon Korea. The company’s expansion into Asia was announced in September when Kastor Holding bought a majority stake in Seoul-based CKI Korea.
Ramon International was set up in 1980 as an independent broker in Lloyd’s and has been recently expanding its lines of business to include property, treaty, construction and engineering, specie and liability, among others.
Following the deal, BritAmerica and BMG will remain under the leadership of the operation’s current chief executive officer and president Hall, with Jeff Nelson continuing as vice president and chief operating officer of BritAmerica, and Andrew Wood continuing as a director of BMG.
Nick Andrews of Kastor, Clive Edwards, Ramon International’s chief operating officer and Paul Wells, director of Kastor Holdings, will join the BritAmerica and BMG boards as directors. Dominika Wojtyczka, divisional director of operations at BMG Insurance Brokers, and Beverley Curtis, deputy chief operating officer of Ramon International, will also join the BMG board, all subject to regulatory approval.
“This is a transformational deal for us and is an exciting opportunity,” said Andrews, group chief executive officer of Kastor Holdings. “We are delighted to have completed this transaction and to add both BritAmerica and BMG to the growing Kastor group of companies. It gives us an excellent footprint in the US and in the specialist markets of equine, livestock and pet insurance.”
Hall added: “This is a perfect fit for BritAmerica and BMG and allows our experienced and specialist team to continue to develop and expand our range of products in the United States and internationally within our equine, livestock and pet niche.”
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