Cooper Gay, London-based independent wholesale, reinsurance and specialist retail insurance broker , and US wholesale broker Swett & Crawford have confirmed they are in advanced deal discussions to create what they claim would be the world’s largest independent global wholesale and reinsurance broker.
If an agreement is reached the two businesses will come together under a new group holding company, of which a high proportion of ownership will be retained by the working employees. Management of the combined group will be led by Toby Esser as group chief executive. Neal Abernathy will continue to be the chief executive of Swett & Crawford, with Cooper Gay’s North American businesses reporting to him as well.
Cooper Gay and Swett & Crawford together place some $3.5bn in premiums in the London, US and international insurance markets and employ over 1500 staff based in more than 60 offices across four continents. Completion of the transaction is subject to regulatory approvals.
