THB to acquire PWS International
by Gill Montia
Story link: THB to acquire PWS International
THB, the independent insurance broker, has reported that it has plans to acquire the Lloyd’s broking business of PWS International.
Negotiations have commenced with the board of PWS Holdings and whilst acquisition terms are yet to be agreed, the companies are hopeful that the transaction will be concluded before the end of the year.
THB Group chief executive, Vic Thompson, believes that: “The two businesses would complement each other’s operations well”; PWS has minimal overlap with THB’s strongest markets.
PWS is a reinsurance broker, operating primarily in the international market and as such could offer THB access to important growing markets in the Far East, Europe and South and Central America.
The acquisition price will not exceed £22.5m and would be payable in tranches between completion of the transaction and the end of June 2012.
The consideration will be a mix of cash from existing resources, debt facilities and new THB shares.
In August of this year, THB acquired Cardinus Limited, in a move aimed at enhancing its risk management business.
Cardinus is a software developer and supplier of online risk assessment and e-learning. The company specialises in the area of health and safety.