Heath Lambert finalises sale to Cooper Gay
by Gill Montia
Story link: Heath Lambert finalises sale to Cooper Gay
Heath Lambert, the independent insurance broker, has completed the sale of its Aviation, FSJ (UK wholesale) and Reinsurance divisions.
From 31st May 2008, the businesses became part of Cooper Gay, the privately owned insurance and reinsurance broking group based in the City of London.
Around 70 employees working in the divisions have transferred to the new owners.
The sale of Global Business Solutions, Heath Lambert’s international wholesale division, is ongoing.
The disposals are in line with the broker’s strategy of focusing on the UK retail insurance sector and its work as an employee benefits consultant, although according to chief executive Adrian Colosso, the business will retain a number of speciality wholesale lines.
The terms of the transaction have not been disclosed but Cooper Gay expects the acquisition to increase its annual UK revenues by over £8.5 million.
It will strengthen the firm’s existing Aerospace, Professional Risks and Non Marine Reinsurance operations, while at the same time creating a substantial UK wholesale division within the business.