Geo Underwriting has announced the completion of its acquisition of Robus, an insurance management, fiduciary and financial advisory group.
Robus provides insurance management, protected cell company and captive management, actuarial and ILS services with operations in Guernsey, Gibraltar and Malta.
Following the acquisition, the company will continue to operate independently under the leadership of CEO Richard Le Tocq as part of the Geo Specialty Group Holdings entity.
“Robus is a small but powerful addition to the group and joins at a significant time,” said Geo CEO Derek Coles. “Hardening rates are leading to an increase in interest from MGAs, brokers and insurance industry investors to set up their own insurance carriers, and from both corporate firms and intermediaries looking to set up their own captives.”
“The addition of Robus broadens the suite of our specialist capabilities and expertise available to clients,” Coles continued. “The team’s focus on collaboration, trust and innovation – seeking to be true partners of their clients – also makes them an exciting cultural fit for us.”
Le Tocq also commented: “Of utmost importance to us throughout this process was finding a home that would value and support our independence. With Geo Specialty we find ourselves in good company. We have a proud history of developing innovative insurance solutions to meet the changes in our clients’ needs within a variety of jurisdictions and are pleased to be part of a larger Group with a track record in investing for growth.”
Mike Leonard, outgoing Chairman of Robus Group and shareholder, added: “My fellow shareholders and I are delighted Robus is moving into strong and welcoming hands for the next chapter in its strategic development. We cannot, of course, forget the legacy and vision of the late Chris Le Conte in shaping the foundations of Robus.”
“Building on these roots, Richard and his team have ensured the business has developed from strength to strength over recent years and we wish all of the Robus team an exciting future with their new colleagues.”
Robus is the fourth acquisition into Geo this year, following Rural, Thames Underwriting, and the marine and leisure division of KGM Underwriting Services.