Integro Insurance Brokers, which is owned by Odyssey Investment Partners LLC, has agreed to acquire Hawkes Bay Holdings Ltd, the parent company of Tyser & Co Ltd, a UK-based insurance broker. Also, Integro will merge its UK wholesale and retail operations with Tysers. No financial terms were disclosed.
New York and London (29 March 2018) – Integro Insurance Brokers, an international insurance brokerage and speciality risk management firm, today announced the signing of a definitive agreement to merge our UK Wholesale and UK Retail operations with Tyser & Co Ltd. (“Tysers”), a leading specialist Lloyd’s broker. Integro will acquire 100 per cent of Hawkes Bay Holdings Ltd. (“HBH”), the privately-owned principal parent company of Tysers. The transaction requires regulatory approvals, and financial considerations have not been disclosed.
As Integro’s largest acquisition to date, today’s news demonstrates the business’ commitment to expand into attractive, specialist insurance markets. The highly compatible business structures and cultures will create an attractive and competitive brokerage, with double the scale.
Integro and Tysers have complementary Wholesale capabilities, which will provide opportunities to expand and enhance the businesses client offering – with new solutions and expanded geographic coverage. Recognising its strong heritage, the combined Wholesale business will trade under the Tysers brand and be led by Integro’s current Co-Heads of UK Wholesale, David Abraham and Jason Collins. Tysers’ UK Corporate team members will join Integro’s UK Retail team, overseen by Bob Pybus, Integro’s Head of UK Retail and trade under the Integro brand.
The broader management team will be made up of a combination of the existing Integro and Tysers management teams. Details of this will be released in due course. At this time, we can confirm that Christopher Spratt, Chairman of Tysers, and Peter Haynes, Non-Executive Director, will be joining Integro’s UK Board.
Founded in 1820, Tysers has successfully grown from a marine trade business to a specialist broker operating internationally in four practice groups: North America; International; Reinsurance, and Marine & Specialty. Originally a family firm, Tysers became a private partnership before incorporating in 2001. In 2007, a new generation spearheaded a buyout of Tyser & Co, which led to it being 100 per cent colleague-owned.
Integro, founded in 2005 and owned by Odyssey Investment Partners, LLC, has evolved to become a leading specialty insurance brokerage firm, serving clients in over 125 countries from more than 40 offices across the globe. The business is active in a range of speciality areas, including Aviation; Benefits Consulting; Entertainment & Sport; Financial Institutions; Healthcare; Marine/Energy; Professional Services; Real Estate/Construction; Reinsurance; Retail/Consumer Services; and Transportation & Logistics.
Collins said, “This combination, once completed, will create a significantly larger wholesale platform that still retains its identity of being client-focused and a specialist broker. Clients will benefit from an enhanced range of products reflecting the broader skill base of the combined firms.”
Abraham added, “We are delighted to be joining forces with such a well-respected specialist firm.”
Pybus said, “In addition to their Wholesale team, Tysers brings a talented Retail team which will improve our ability to serve corporate clients out of London.”
Spratt said, “With continuing evolution and consolidation in the market I am confident that by bringing Tysers and Integro together we can go forward under the Tysers brand and develop an exciting business. This will deliver enhanced services to our clients, opportunities for our staff and an attractive proposition to the London market and beyond”.
Integro is an international insurance brokerage and risk management firm. Launched in 2005, Integro operates from offices in the United States, Bermuda, and the United Kingdom. Its U.S. headquarter office is located at 1 State Street Plaza, 8th Floor, New York, NY 10004. 1-877-688-8701. www.integrogroup.com
Firmly established in the heart of London’s financial district, Integro Insurance Brokers Ltd trades as a Lloyd’s accredited broker and is authorized and regulated by the Financial Conduct Authority. Its office is located at 71 Fenchurch Street, 2nd Floor, London, EC3M 4BS. +44 (0)20 3915 0000. www.integrogroup.com/uk/