Integro Insurance Brokers has agreed to acquire Tysers, an independent international Lloyd’s broker which handles about £700 million of annual premiums.

Under the deal, Integro’s UK wholesale and UK retail operations will be merged with Tysers.

Integro will acquire 100% of Hawkes Bay Holdings (HBH), the privately-owned principal parent company of Tysers.

Financial terms of the transaction, which is subject to regulatory approvals, have not been disclosed.

Integro said the acquisition demonstrates its commitment to expand its footprint in specialist insurance markets.

The two companies are claimed to have highly compatible business structures and cultures, which are expected to create a competitive brokerage firm with twice as much scale.

The combined Wholesale business will be merged under Tysers brand and will be led by Integro’s current UK Wholesale co-heads, 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.”

Tysers’ UK corporate team members will join Integro’s UK retail team, which will be led by, Integro’s UK retail head Bob Pybus and trade under the Integro brand.

The broader management team will include a combination of the existing management teams from Integro and Tysers.

While details about the management team will be released in the due course, Integro has confirmed that Tysers chairman Christopher Spratt and non-executive director Peter Haynes, 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.”

Established in 1820, Tysers has a grown from marine trade business into a specialist broker with international operations across four practice groups, North America, International, Reinsurance, and Marine & Specialty.

Owned by Odyssey Investment Partners, Integro is a specialty insurance brokerage firm that serves clients in more than 125 countries from more than 40 offices across the world.

Integro offers services across several areas including aviation, benefits consulting, entertainment & sport, financial institutions, healthcare, marine/energy, professional services, real estate/construction, reinsurance, retail/consumer services, and transportation & logistics.

Image: Integro to merge UK insurance businesses with Tysers. Photo: Courtesy of Tysers.