London-based, privately held broker, Costero Brokers Ltd., has announced the acquisition of Prospect Insurance Brokers, effective August 1st, 2020.
Prospect was founded in 2010 and operates as an independent insurance and reinsurance broker at Lloyd’s of London, with a specialist focus in binding authority, reinsurance and alternative risk transfer business placed into Lloyd’s, European, and international company markets.
Nick Murrell and Jamie Webb, Executive Vice Presidents (EVPS) at Costero Brokers and Prospect, respectively, will be running the organisation once the acquisition completes.
“We are very excited to be a part of the Heffernan and Costero family. The decision was easy as we are culturally aligned as an independent, family-owned business with a strong focus on innovation and attracting the best talent in the market,” said Webb. “In addition, we are delighted to benefit from the West Coast super-regional retail presence Heffernan brings, the wholesale distribution, and the MGA distribution through Tangram within the group giving us a full array of distribution possibilities.”
Costero Brokers opened for business in October of 2017, and now has numerous individual investors. This includes U.S.-based Heffernan Insurance Brokers. John Tallarida, investor and EVP of Heffernan Insurance Brokers, said: “We are firmly committed to our goal of building an independent Lloyd’s broker and Prospect fits perfectly into that plan. The organization brings important capabilities and excellent talent to complement our Costero team.”
Murrell added: “It is fantastic to see Costero Brokers expanding with the purchase/merger of Prospect, to be part of the new initiatives going forward, and to be working collaboratively to create innovative solutions for clients in what is an ever changing and challenging insurance market.
“The entity combines an experienced team of market professionals in multi-lines at a time of mega broker consolidation and we will be there to offer the individual service clients are now seeking globally as we come together into one specialist business.”
Looking forward, Costero plans to expand further with both acquisitions and hirings of additional individuals and teams.
