Brown & Brown buys British insurance group | Insurance Business America
Companies should continue to operate and trade under the existing brand and leadership
Mergers & Acquisitions
By Terry Gangcuangco
Kentro Capital Limited – the London-headquartered group that includes Nexus Underwriting and Xenia Broking – is acquired by Brown & Brown, Inc.
“Joining the Brown & Brown team represents an exciting and pivotal milestone in the success and future of the Kentro Group,” said Colin Thompson, Kentro CEO, in a press release. “What sets Kentro Group apart is our genuine entrepreneurial drive and ability to innovate, skillfully executed by our highly talented team.
“For me it was critical that Brown & Brown share this approach and be able to support our desire to drive Kentro’s growth and success while ensuring the rewards flow to every teammate within the group. We are at a very exciting time in our continued growth and development as a group, and working with Brown & Brown will serve as an enabler and catalyst for continued success.”
Under the agreement, the financial terms of which were not disclosed, Kentro companies Nexus, Xenia, Millstream, Capstone Brokers and Spectrum Risk Management will continue to trade and operate under their respective brands. Thompson will continue to lead the group with support from CFO Stuart Rouse.
Brown & Brown welcome
Among those “extremely pleased” to have Thompson’s warehouse on board is Brown & Brown executive vice president Chris Walker, who mentioned the more than 350 “talented” people who work in Kentro’s offices in the UK, US, Europe and Asia work.
“The cultural alignment of our companies reflects our shared vision and commitment to helping clients of all sizes meet their unique risk management needs,” noted Walker. “Leveraging the power of WE across all of our program businesses and adding new specialist competencies to our portfolio strengthens our presence in the London markets and positions us for further growth.”
EVP Barrett Brown added: “We look forward to working with Tim Coles, CEO of Xenia, and the entire Xenia Broking team. The great skills they bring will add significant value to our teammates and customers in the retail segment. The breadth of their trade credit specialization will drive our continued growth and expanded footprint in the UK and Western Europe, and open up new opportunities in the US.”
In addition to Brown and Walker, Brown & Brown Senior Vice President Mike Bruce will also work closely with Thompson.
Xenia is one of the largest retail credit brokers in the UK and has over 1,500 policyholders. Nexus, on the other hand, underwrites 20 risk classes through a network of over 800 retail brokerage partners in nine countries.
The acquired group, which manages over £500m in gross premiums, also includes specialist travel and personal accident provider Millstream; Capstone Brokers, which provides access to the Asian market for complex financial lines and digital asset risks; and Spectrum Risk Management, which provides brokerage, agency and advisory services in Asia and the MENA (Middle East and North Africa) regions.
What do you think of this acquisition story? Share your thoughts in the comments below.
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