Lonmar Global Risks (Lonmar), part of Bridge Specialty International, Brown & Brown, Inc.’s International Wholesale and Specialty division, has acquired the renewal rights for a bloodstock portfolio from Norwich-based St Benedicts Limited.
The portfolio owns the wholesale relationships on primarily US wholesale bloodstock and reinsurance risks, and an agricultural specialty disruption book serving poultry farms. It is currently managed by International Risk Solutions Ltd (IRS).
Philip Nelson, Lonmar’s Managing Director of Bloodstock, explained that Les Cooper, Head of Bloodstock at IRS and majority owner of St Benedicts, and his team will join the Lonmar team as part of the deal.
Mr Nelson said: “This is a fantastic deal for Lonmar, which includes an excellent team and a high quality, well-managed book of business. Bloodstock acquisitions of this scale and quality are rare in our sector, so we are really pleased with this opportunity. This portfolio will expand our presence in the market, both here and abroad, and give us a powerful new platform to further build our market position.”
Speaking about the acquisition, Les Cooper said: “I am looking forward to working alongside Philip and the bloodstock team at Lonmar to create a powerful international force in bloodstock insurance and reinsurance. We believe that with the backing of Brown & Brown’s strong brand and reputation, we can offer a range of superior products and services to our existing customers, as well as an additional focus on new business.”
Source: Brown & Brown Insurance
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