COOPER GAY FINALISES HEATH LAMBERT ACQUISITIONS

UK-based broker Cooper Gay has completed the acquisition of the wholesale and reinsurance businesses of locally based Heath Lambert, with 70 HeathLambert staff transferring to Cooper Gay with immediate effect. The purchase also includes parts of HeathLambert’s Global Business Solutions unit. Together, the new units will increase Cooper Gay’s UK revenue by more than £8.5m a year. Terms of the deal were not disclosed. Cooper Gay CEO Toby Essler said that the acquired units were “a perfect fit with our existing operations, strengthening our Aerospace, Professional Risks and Non-Marine Reinsurance Teams, while also creating a strong UK wholesale division”. Last July Heath Lambert ended talks about a merger with larger UK rival Jardine Lloyd Thompson, while in 2002 an initial public offering failed to go through. In 2007 it disposed of international offices and sold its French operation LSN for about £10m. Heath Lambert CEO Adrian Colosso noted that the broker would be retaining a number of specialty wholesale lines. However, its main focus would now be as a UK retail insurance broker and employee benefits consultant.