Integro Insurance Brokers has announced the completion of an agreement to merge its UK wholesale and UK retail operations with specialist Lloyd’s broker Tyser & Co (Tysers).
The agreement will see Integro acquire 100% of Hawkes Bay Holdings (HBH), the privately-owned principal parent company of Tysers, upon receipt of regulatory approval.
The transaction represents Integro’s largest acquisition to date as the firm looks to expand into the specialist insurance market.
According to an announcement, the combined wholesale business will trade under the Tysers brand and is to be led by Integro’s current Co-Heads of UK Wholesale, David Abraham and Jason Collins.
Collins said: “This combination, once completed, will create a significantly larger wholesale platform that still retains its identity of being client-focused and a specialist broker. Clients will benefit from an enhanced range of products reflecting the broader skill base of the combined firms.”
Integro said the acquisition will provide opportunities to expand its business offering with new solutions and expanded geographic coverage.
The broader management team will be made up of a combination of the existing Integro and Tysers management teams and Christopher Spratt, Chairman of Tysers, and Peter Haynes, Non-Executive Director, will be joining Integro’s UK Board.
Spratt said: “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. This will deliver enhanced services to our clients, opportunities for our staff and an attractive proposition to the London market and beyond.”
In addition, 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.
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.”
Abraham added, “We are delighted to be joining forces with such a well-respected specialist firm.”
Tysers operates internationally in four groups; North America; International; Reinsurance, and Marine & Specialty.
