Integro announced a significant enhancement of its oil and gas sector capabilities with the acquisition of International Energy Insurance Brokers (IEIB), an energy and marine insurance specialist headquartered in Los Angeles.
Financial considerations of the transaction have not been disclosed.
Led by founder and President Michael Newman, International Energy Insurance Brokers, launched in 1998, specializes in writing coverage in the oil and gas trading, production, drilling and oil services contractor sectors.
Newman, who becomes a principal at Integro, brings thirty years’ industry experience in all phases of the oil and gas industry worldwide to Integro’s Energy practice, a career that started as a Lloyds’ of London broker.
He holds a law degree from the University of Cambridge (UK) and an MBA from the University of Southern California’s Marshall School of Business.
"Mike and his team round out our international energy capabilities with their deep connections in the United States and the UK, and their encyclopedic knowledge of coverage options for oil and gas companies," said Mike Korn, Integro’s San Francisco Operations Leader and Property Practice Leader.
Aligning with Integro, Newman said, provides added benefit. "Integro’s structure and network give us significant advantages for local servicing, marketing, negotiating, and pricing, in the US, the UK and globally," he noted.