THB acquires Globesure
Specialist insurance and reinsurance broker Thompson Heath & Bond (THB) Group PLC today announced the acquisition of reinsurance broker Globesure Holdings Ltd.
THB will pay for the acquisition in both cash and shares.
An initial consideration at completion of £206,000 cash will be paid ,in addition to 80,455 new ordinary THB shares at £0.10 each.
Further consideration will be paid based on Globesure’s performance up to 31st October 2014. This is capped at a maximum of £10 million, and will be paid two thirds in ordinary THB shares and one third in loan-notes.
Globesure already works with THB as appointed representative for THB’s Lloyd’s broker, specialising in international property, power, and mining risks.
Frank Murphy, chief executive of THB’s Lloyd’s broker, said he is ‘delighted’ at making the acquisition.
He added that it is an ‘important’ merger that will enhance THB’s service to its international client base.
Craig Kingaby, Globesure’s managing director, said THB will be an ‘excellent home’ for the Globesure team, and added that he is looking forward to working more closely with THB.
Category: Companies News, Insurance News
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