Private equity firm JC Flowers has inked a deal to acquire Lloyd’s brokers SSL and Endeavour.
As part of the deal, specialist marine broker SSL and delegated authority specialist Endeavour will merge before being acquired by a fund advised by JC Flowers.
The terms of the transaction were not disclosed.
Upon completion of the transaction, the combined entity will trade as SSL Endeavour. The leadership team at both firms will remain in place, with Roger Spicer retaining his position as CEO of SSL and David Lawrence remaining as CEO of Endeavour.
The newly-merged firm will be co-chaired by Andrew Sturdy, founder of SSL and Chris Giles, Endeavour chairman.
“The merger provides a strong and efficient platform from which to grow a dynamic, client focused Lloyd’s broker whilst exploring further acquisition opportunities in the insurance market,” the statement said.
Headquartered in London, marine broker SSL was founded in 2003 and employs 42 people, servicing a sizeable book of fleets, as well as offering cash-in-transit, financial institution and political risk insurance.
Meanwhile, Endeavour was established in 1999 and has 44 employees in London. It places delegated authority business from North America and Europe into Lloyd’s and London markets.
JC Flowers vice president Jonathan Cox said: “The merger creates a highly complementary and entrepreneurial business from which to expand, both organically and through acquisition. We look forward to working with the team as they develop their specialist proposition.”
The deal is expected to close in the second quarter of 2018, subject to regulatory approval.