Atlanta, GA and London, England, July 9th, 2010 – The world’s largest independent global wholesale and reinsurance broker was created today following the completion of a deal to combine Swett & Crawford, America’s oldest independent wholesale broker and Cooper Gay, the leading London-based independent wholesale, reinsurance and specialist retail insurance broker.
Effective immediately, the two industry leading businesses will come together under a new group holding company, Cooper Gay Swett & Crawford Ltd. The enlarged Group will place approximately $3.5 billion in premiums in the United States, London and International insurance markets and employ over 1,500 staff based in more than 60 offices across four continents.
As already announced, the combined Group will be led by Toby Esser as Group Chief Executive. J. Neal Abernathy will continue as President & Chief Executive of Swett & Crawford, and will also become a member of the new holding company’s Executive Committee. All of the Group’s operations in North America will report to Mr. Abernathy.
Cooper Gay’s offices outside North America and all Swett & Crawford business units will continue to trade as before. They will keep their existing branding and management teams, but will focus on implementing combined best practices and driving synergies across the Group.
Employee shareholders remain the largest single group of investors in Cooper Gay Swett & Crawford Ltd., with existing strategic partners MDS SGPS and HM Capital retaining significant stakes in the combined business.
Toby Esser, Cooper Gay Swett & Crawford Group CEO commented, “I am truly delighted that we have completed this transformational deal. By bringing together the resources of Cooper Gay and Swett & Crawford under common ownership, we have not only created the world’s largest truly global independent wholesale and reinsurance broker, but have also created an exceptional team with the experience and skills to deliver market leading service to our clients. Our enhanced scale and broad product range will also act as a springboard for future growth and development. We will not be resting on our laurels but working to take advantage of the many exciting opportunities the transaction will create.”
J. Neal Abernathy, Swett & Crawford President & CEO commented, “The strong synergies and excellent strategic fit between our businesses was clearly apparent from the very outset of our talks. With the deal completed we now look forward to demonstrating the full potential of our enhanced international network, broader professional expertise and increased market access to both clients and the markets in which we operate.”
Cooper Gay
Founded in 1965, Cooper Gay is one of the world’s leading independent insurance and reinsurance intermediaries. Headquartered in London, and operating at Lloyd’s, the Group has a global network and truly international reach with more than 25 offices operating from countries across the Americas, Europe, Asia and Australasia.
Founded in 1965, Cooper Gay is one of the world’s leading independent insurance and reinsurance intermediaries. Headquartered in London, and operating at Lloyd’s, the Group has a global network and truly international reach with more than 25 offices operating from countries across the Americas, Europe, Asia and Australasia.
Swett & Crawford
For over 96 years, Swett & Crawford has delivered exceptional expertise and service to the US commercial insurance marketplace. As a wholesale insurance broker, Swett & Crawford does not work directly with insureds. Rather, it serves as a key intermediary between the independent insurance agents and the nation’s top insurance carriers.
For over 96 years, Swett & Crawford has delivered exceptional expertise and service to the US commercial insurance marketplace. As a wholesale insurance broker, Swett & Crawford does not work directly with insureds. Rather, it serves as a key intermediary between the independent insurance agents and the nation’s top insurance carriers.
The company works with the insured’s retail insurance agent or broker to provide comprehensive, cost-effective commercial coverages and specialty programs for a wide variety of risks.
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