Endeavour Insurance Services has agreed to merge with fellow Lloyd’s and independent specialist marine broker SSL Insurance Group.
Image: Endeavour founder David Lawrence. Photo: Courtesy of Endeavour Insurance Services Limited.
The deal will conclude with both the companies being purchased by a fund advised by private investment firm J.C. Flowers & Co.
The deal is subject to approval from Financial Conduct Authority (FCA) and is expected to be done in the second quarter of this year.
The merged business will trade as SSL Endeavour and the management team from both the companies will remain the place with Roger Spicer continuing as SSL’s CEO and David Lawrence continuing with his role Endeavour’s CEO.
SSL Endeavour will be co-chaired by SSL founder Andrew Sturdy and Endeavour chairman Chris Giles.
Together, the two companies will complement each other with their business skills. The merger is expected to provide with a strong and efficient platform, from which the business can grow as a client-focused broker of Lloyd’s. It will also explore further acquisition opportunities in the insurance market.
Endeavour founder and CEO David Lawrence said: “Both Endeavour and SSL are specialist international brokers, committed to increasing the efficiency and flow of business into the London Market. This deal represents a milestone in our development to date – we are delighted to be combining with the talented SSL team that will give us greater scale and complementary skills.
“With the backing of JCF, SSL Endeavour’s focus on growth and modernisation initiatives make the Group very well placed for future expansion, both organically and through acquisitions.”
Endeavour Insurance Services specialises in placement of business produced by North American and European agents handled under delegated authorities. The company has its offices in the UK, with three divisions supporting business from Canada, the US and Europe.
SSL is a marine broker that supports clients in more than 80 countries and provides services to a substantial book of fleets.
Along with its marine expertise, SSL also has experience in several other insurance classes including Cash in Transit, Financial Institution and Political Risk. Established in 2003, the company operates from its headquarters in London and employs 42 people.