Brown & Brown buys UK insurance group
Brown & Brown buys UK insurance group | Insurance Business America
Mergers & Acquisitions
Brown & Brown buys UK insurance group
Businesses to continue to operate and trade under existing brand and leadership
Mergers & Acquisitions
By
Terry Gangcuangco
Kentro Capital Limited – the London-headquartered group that includes Nexus Underwriting and Xenia Broking – is being acquired by Brown & Brown, Inc.
“Joining the Brown & Brown team marks an exciting and pivotal milestone in the success and future of the Kentro Group,” Colin Thompson, chief executive at Kentro, said in a release. “What has set the Kentro Group aside from others is our real-life entrepreneurial drive and ability to innovate, ably accomplished by our highly talented team.
“For me, it was crucial that Brown & Brown shares this approach and can support our desire to turbo-charge the growth and success of Kentro while ensuring the rewards flow to every teammate within the group. We are at an extremely exciting time in our continued growth and development as a group, and coming together with Brown & Brown will serve as an enabler and a catalyst for further sustained success.”
Under the deal, financial terms of which were not disclosed, Kentro companies Nexus, Xenia, Millstream, Capstone Brokers, and Spectrum Risk Management will continue to trade and operate using their respective brands. Thompson will also continue to lead the group with the support of chief financial officer Stuart Rouse.
Brown & Brown welcome
Among those who are “very excited” to have Thompson’s camp on board is Brown & Brown executive vice president Chris Walker, who cited the more than 350 “talented” people working at Kentro’s offices in the UK, the US, Europe, and Asia.
“The cultural alignment between our businesses demonstrates our shared vision and commitment to assisting customers of all sizes to meet their unique risk management needs,” noted Walker. “Leveraging the Power of WE across our programs businesses and adding new specialty capabilities to our portfolio strengthens our presence with London markets and positions us for continued growth.”
EVP Barrett Brown added: “We look forward to working with Tim Coles, Xenia’s CEO, and the entire Xenia Broking team. The great capabilities they bring will add significant value to our retail segment teammates and customers. The breadth of their specialization in trade credit will drive our continued growth and expanded presence in the UK and Western Europe and provide for new opportunities in the US.”
Aside from Brown and Walker, Brown & Brown senior vice president Mike Bruce will also be working closely with Thompson.
One of the biggest retail trade credit brokers in the UK, Xenia has more than 1,500 policyholders. Nexus, meanwhile, underwrites across 20 risk classes through a network of over 800 retail broker partners in nine countries.
The acquired group, which manages over £500 million of gross written premium, also spans specialty travel and personal accident provider Millstream; Capstone Brokers, which provides access to the Asian marketplace for complex financial lines and digital asset risks; and Spectrum Risk Management, which offers intermediary, agency, and advisory services in Asia and the MENA (Middle East and North Africa) regions.
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