Integro Insurance Brokers, the New York-based insurance brokerage and specialty risk management firm, announced it will acquire 100 percent of Hawkes Bay Holdings Ltd. (HBH), the privately owned parent company of Tysers & Co. Ltd., a specialist Lloyd’s broker.
Further, Integro has signed a definitive agreement to merge its UK wholesale and UK retail operations with London-based Tysers.
The transaction requires regulatory approvals, and financial considerations have not been disclosed.
The acquisition is Integro’s largest to date, and will double the scale of its UK operation, Integro said in a statement.
The combined wholesale business will trade under the Tysers’ brand, in recognition of Tysers’ strong heritage. The wholesale business will 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, said Integro, noting that details of this will be released in due course.
At this time, Integro confirmed that Christopher Spratt, chairman of Tysers, and Peter Haynes, non-executive director, will be joining Integro’s UK board.
“This combination, once completed, will create a significantly larger wholesale platform that still retains its identity of being client-focused and a specialist broker,” said Collins. “Clients will benefit from an enhanced range of products reflecting the broader skill base of the combined firms.”
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.”
“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,” said Spratt. “This will deliver enhanced services to our clients, opportunities for our staff and an attractive proposition to the London market and beyond.”
About Tysers and Integro
Founded in 1820, Tysers has 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 percent colleague-owned.
Integro, founded in 2005 and owned by Odyssey Investment Partners, LLC, serves clients in over 125 countries from more than 40 offices across the globe. The business is active in a range of specialty areas, including aviation; benefits consulting; entertainment & sport; financial institutions; healthcare; marine/energy; professional services; real estate/construction; reinsurance; retail/consumer services; and transportation & logistics.