SSL Insurance Group, a Lloyd’s and independent specialist marine broker, and Endeavour Insurance Services Limited, a fellow Lloyd’s broker and delegated authority specialist, have announced plans to merge the companies into a combined business.
The deal, which is expected to be completed in the second half of 2018, is set to conclude with both companies being acquired by a fund advised by private investment firm J.C. Flowers & Co. (JCF).
The subsequent combined business will trade as SSL Endeavour, and will continue to be led by current Chief Executive Officer (CEO) of SSL, Roger Spicer, and current CEO of Endeavour, David Lawrence.
In addition, SSL Endeavour will be co-chaired by Andrew Sturdy, founder of SSL, and Chris Giles, Chairman at Endeavour.
The parties are believed to possess complementary books of business and skills, and the merger deal will offer them a strong platform from which to explore further growth and acquisition opportunities in the re/insurance market.
Roger Spicer commented on the deal: “JCF has successfully agreed two deals in the Lloyd’s market simultaneously which is a remarkable feat. They have brought together two successful companies with no overlap of business. I believe that SSL Endeavour will be able to provide a broader offering to its combined client base. We are looking forward to an exciting future working together with the Endeavour team.”
David Lawrence also said: “Both Endeavour and SSL are specialist international brokers, committed to increasing the efficiency and flow of business into the London Market. We are delighted to be combining with the talented SSL team. With the backing of JCF, SSL Endeavour’s focus on growth and modernisation initiatives will make it very well placed for future expansion, both organically and through acquisitions.”
Jonathan Cox, Vice President at JCF, added: “It has been a privilege working with the SSL and Endeavour teams in recent weeks to combine their businesses. The merger creates a highly complementary and entrepreneurial business from which to expand, both organically and through acquisition. We look forward to working with the team as they develop their specialist proposition.”
Established in 2003, SSL offers marine expertise to clients in more than 80 countries from its headquarters in London, as well as proficiency in classes like Cash in Transit, Financial Institution, and Political Risk.
Endeavour has been operating since 1999, and specialises in the placement of business produced by North American and European agents under delegated authorities.
