B&W specialises in providing casualty and property insurance and has a strong reputation in placing binding authorities, servicing clients in Canada, Australia, UAE and North America. The deal comes as AssuredPartners Inc recently announced its 200th acquisition and is a further demonstration of its commitment to expand its London operation following the most recent acquisition of A&H broker, Chisholm Richards & Hart Ltd.
The B&W business will continue to be run by Michael Bender who, along with his staff, will roll into the APL office after the agreement receives regulatory approval in the coming weeks.
David Heathfield, CEO of APL commented “the acquisition of B&W allows us to expand our breadth of expertise here in London and service the ever increasing flow of business entering the London market via our US operations. We have been looking carefully at expanding APL and believe that the B&W business, together with the experience and expertise held by Mike and his team, will generate cost synergies and revenue growth for all parties immediately.
“Our team, including Stuart Quilter, FD, has spent the last 18 months integrating its previous acquisitions providing a platform to continue our growth strategy. This is an exciting time for the London operation and we expect to expand further via acquisition in the near future.”
Michael Bender stated “the staff and I at B & W are delighted to be joining David & his team at APL. Whilst B & W is still in its infancy we have had a very successful couple of years & have had various offers to sell during that period. Up until now we hadn’t considered any of the approaches seriously but APL ticked a lot of boxes for us. With their financial backing we will be aiming to entice quality individuals & teams to APL in London & in so doing assist David & Stuart to grow the successful operation they already run. The added opportunity to tap into AssuredPartners domestically in the USA for potential business will increase our footprint in a territory we were looking to expand into, and with the help of some strategic underwriting partners we expect to be successful with this endeavour. Our existing clients, the majority of which have been with us for a long time, will also benefit from the expertise held by APL in London in classes of business we cannot currently handle. Overall a win, win for all parties involved”.