Cooper Gay to acquire Newman Martin and Buchan
Cooper Gay Swett & Crawford (CGSC) will acquire independent Lloyd’s insurance and reinsurance broking group Newman Martin and Buchan (NMB) subject to regulatory approval.
NMB and Cooper Gay & Co, CGSC’s Lloyd’s broker, have been working closely together over recent months in preparation for the acquisition. The firms say the deal will create the UK’s leading independent energy broker.
The NMB brand will be retained within the CGSC Group as a specialist energy practice for global clients. Newman Martin and Buchan LLP will continue as a separate Lloyd’s broker focussed on the energy and related sectors and ‘NMB Specialty’ coverholder business.
Toby Esser, chief executive of Cooper Gay Swett & Crawford Group, said: “I am delighted with this important acquisition, our first major deal since we received significant investment from Lightyear Capital and achieved a successful debt refinancing earlier this year.
“The combination of Cooper Gay and NMB in London will create a real powerhouse among independent brokers. Access to the CGSC global network will also enable NMB to deploy the services of its highly respected broking teams across a much wider client base.
“I am particularly pleased that Gordon Newman will be joining our senior management team and that key NMB executives will take up leadership roles in the combined business alongside their Cooper Gay counterparts.”
Gordon Newman, chairman of Newman, Martin and Buchan, said: “Our London businesses are an excellent strategic fit, both in terms of classes of business and geographic spread. Together they will have an increased market presence and NMB’s business will benefit from access to the financial resources of CGSC which are considerably greater than those available to NMB on its own.
“I believe that the combination of the businesses will be good for our staff and, most importantly, that it will enhance our offering to our clients to whom we will continue to offer independent service: like us, CGSC is an independent broker focused on the wholesale and reinsurance sectors with no retail presence in the US.
“This acquisition will create a significant independent force in the London market and I and my colleagues are very much looking forward to being part of it.”
