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Brown & Brown buys UK insurance coverage group

Brown & Brown buys UK insurance coverage group | Insurance coverage Enterprise America

Companies to proceed to function and commerce underneath current model and management

Brown & Brown buys UK insurance group

Mergers & Acquisitions

Terry Gangcuangco

Kentro Capital Restricted – the London-headquartered group that features Nexus Underwriting and Xenia Broking – is being acquired by Brown & Brown, Inc.

“Becoming a member of the Brown & Brown crew marks an thrilling and pivotal milestone within the success and way forward for the Kentro Group,” Colin Thompson, chief govt at Kentro, stated in a launch. “What has set the Kentro Group except for others is our real-life entrepreneurial drive and talent to innovate, ably completed by our extremely gifted crew.

“For me, it was essential that Brown & Brown shares this method and might assist our need to turbo-charge the expansion and success of Kentro whereas guaranteeing the rewards circulation to each teammate inside the group. We’re at an especially thrilling time in our continued development and improvement as a bunch, and coming along with Brown & Brown will function an enabler and a catalyst for additional sustained success.”

Below the deal, monetary phrases of which weren’t disclosed, Kentro corporations Nexus, Xenia, Millstream, Capstone Brokers, and Spectrum Threat Administration will proceed to commerce and function utilizing their respective manufacturers. Thompson will even proceed to steer the group with the assist of chief monetary officer Stuart Rouse.

Brown & Brown welcome

Amongst those that are “very excited” to have Thompson’s camp on board is Brown & Brown govt vp Chris Walker, who cited the greater than 350 “gifted” folks working at Kentro’s workplaces within the UK, the US, Europe, and Asia.

“The cultural alignment between our companies demonstrates our shared imaginative and prescient and dedication to helping prospects of all sizes to satisfy their distinctive danger administration wants,” famous Walker. “Leveraging the Energy of WE throughout our packages companies and including new specialty capabilities to our portfolio strengthens our presence with London markets and positions us for continued development.”

EVP Barrett Brown added: “We stay up for working with Tim Coles, Xenia’s CEO, and all the Xenia Broking crew. The nice capabilities they create will add vital worth to our retail section teammates and prospects. The breadth of their specialization in commerce credit score will drive our continued development and expanded presence within the UK and Western Europe and supply for brand new alternatives within the US.”

Apart from Brown and Walker, Brown & Brown senior vp Mike Bruce will even be working intently with Thompson.

One of many greatest retail commerce credit score brokers within the UK, Xenia has greater than 1,500 policyholders. Nexus, in the meantime, underwrites throughout 20 danger lessons by a community of over 800 retail dealer companions in 9 nations.

The acquired group, which manages over £500 million of gross written premium, additionally spans specialty journey and private accident supplier Millstream; Capstone Brokers, which gives entry to the Asian market for complicated monetary strains and digital asset dangers; and Spectrum Threat Administration, which presents middleman, company, and advisory providers in Asia and the MENA (Center East and North Africa) areas.

What do you concentrate on this acquisition story? Share your ideas within the feedback under.

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