Bridge Specialty International’s Lonmar Global Risks has snapped up the renewal rights to a bloodstock portfolio from St Benedicts Limited, based in Norwich.
The portfolio comprises mainly US wholesale bloodstock and reinsurance risks, alongside a book focussed on agricultural disruption for poultry farming operations. International Risk Solutions (IRS) manages the portfolio.
Under the deal, IRS bloodstock head and St Benedicts majority owner Les Cooper and his team will come on board Lonmar.
“I am looking forward to working alongside Philip and the bloodstock team at Lonmar to create a powerful international force in bloodstock insurance and reinsurance,” Cooper said in an emailed release, referring to Lonmar bloodstock managing director Philip Nelson.
“We believe that with the backing of Brown & Brown’s strong brand and reputation, we can offer a range of superior products and services to our existing customers, as well as an additional focus on new business.”
Bridge Specialty International is the international wholesale and specialty division of US brokerage Brown & Brown.
“This is a fantastic deal for Lonmar, which includes an excellent team and a high-quality, well-managed book of business,” Nelson commented.
“Bloodstock acquisitions of this scale and quality are rare in our sector, so we are really pleased with this opportunity. This portfolio will expand our presence in the market, both here and abroad, and give us a powerful new platform to further build our market position.”
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