Kaufman Financial acquires marine & energy broker

Kaufman Financial Group has completed its second London based acquisition in two years with the purchase of marine and energy specialty broker Oval International.

The broker will return to its original name, Lochain Patrick, which was first established in 1987 by a team of London-based marine insurance specialists. The executive leadership and extended team will continue in their existing roles following the acquisition.

Oval will join with the Chesterfield Group, a Kaufman company and Lloyd’s specialty broker, in forming a platform to continue expanding the Kaufman Financial Group’s London presence.

“Our continued strength in London – the epicentre of the global insurance market – has a direct and significant impact on our business in the US, Canada and throughout the rest of the world,” said Alan Jay Kaufman, chairman, president and chief executive officer of the Kaufman Financial Group.

“The acquisition of Lochain Patrick adds an important dimension to our company and signals our ongoing interest in adding like-minded, independent and entrepreneurial brokerage teams to our London operation.”

Andrew Hills, Lochain Patrick managing director and a founding member of the firm, said: “We see the Kaufman Financial Group as the ideal strategic partner. They are a major global player, have shown a commitment to sustainable growth in London and possess the long term financial strength and security to invest in our future.”