THB Acquires PWS

by Stewart Douglas

Story link: THB Acquires PWS

Insurer THB Group has today confirmed that it has completed the acquisition of PWS, the Lloyd’s insurance broker after several weeks of speculation as to whether or not a deal would be reached, in a move designed to increase global reach for the firm whilst providing better value service to customers worldwide.

The news comes following the disclosure of the proposed terms of acquisition earlier in the day, with the confirmation that the deal would proceed ahead as initially planned and would follow those terms announced to the Stock Exchange this morning.

Former PWS chief executive Stephen Card has been announced as the new THB International boss following the completion of the deal, which looks set to be fully completed over the course of the next few weeks as the integration process gets underway.

“There is an excellent cultural fit between the two organisations, based on client service and a strong team orientation. I am delighted that Stephen Card has agreed to join our Board very shortly, as well as being appointed immediately as CEO of THB International Holdings,” said executive Vic Thompson, of THB.

“He will have a very important role to play both in maximising the opportunities that we expect to open up for the combined businesses and in the integration process.”

Meanwhile former chief executive of PWS Stephen Card said that the PWS team were eagerly anticipating the hook-up with THB, with a view to improving service provision and expanding the worldwide reach and penetration of the organisation with the view to creating an increased value proposition.

“The PWS team is very pleased to be joining a dynamic, growing business. THB offers us exciting opportunities to penetrate further into worldwide markets with our specialist expertise.”