Brown & Brown Inc., Daytona Beach, Fla.-based. broker, announced that it has entered into an agreement to acquire Kentro Capital Ltd. in the UK.
The transaction is expected to close in the fourth quarter of 2023, subject to certain closing conditions, including receipt of required regulatory approvals. Financial terms of the deal were not disclosed.
Kentro is an insurance industry group headquartered in London, managing over £500 million in gross written premium. The collective Kentro team consists of more than 350 insurance professionals operating from offices in the UK, US, Europe, Asia and Dubai. Since its founding in 2008, Kentro’s companies – Nexus, Xenia, Millstream, Capstone Brokers and Spectrum Risk Management – have focused on product specialization and underwriting discipline as the cornerstones of growth.
A description of the Center’s subsidiaries follows.
- Nexus, a managing general agent, underwrites a diverse portfolio of 20 risk classes, including trade credit, financial lines and aviation, through a network of over 800 retail broker partners in nine countries. The Nexus operating platform is designed to maximize growth and underwriting performance.
- Xenia is one of the UK’s largest retail trade credit brokers, with over 1,500 policyholders ranging from large corporations to SME customers.
- Millstream operates as a specialist travel and personal accident provider.
- Capstone Brokers provides access to the Asian marketplace for complex financial lines and digital asset risks.
- Spectrum Risk Management offers intermediary, agency and advisory services in the MENA regions and Asia.
The Kentro Group and the individual business entities will continue to trade and operate as they have historically, with the same leadership team, brand and market focus.
Colin Thompson, CEO of Kentro Group, will continue to lead the business, supported by Stuart Rouse, Kentro Group CFO, and will work directly with Brown & Brown’s senior leaders: Mike Bruce, senior vice president; Chris Walker, executive vice president; and Barrett Brown, executive vice president.
“We are very excited to have Colin, Kentro’s senior leaders and their talented staff join the Brown & Brown team. The cultural alignment between our businesses reflects our shared vision and commitment to helping customers of all sizes to meet their unique risk management needs,” Walker commented.
“Joining the Brown & Brown team marks an exciting and important milestone in the success and future of Kentro Group,” said Thompson.
“What sets Kentro Group apart from the rest is our real-life entrepreneurial drive and ability to innovate, well done by our very talented team,” added Thompson.
“For me, it is important that Brown & Brown share this approach and support our desire to turbocharge Kentro’s growth and success while ensuring that the rewards flow to every partner in the group. We are in an extremely It’s an exciting time in our continued growth and development as a group, and joining Brown & Brown will serve as an enabler and catalyst for further continued success,” he said.
“We look forward to working with Tim Coles, the CEO of Xenia, and the entire Xenia Broking team,” according to Barrett Brown. “The great capabilities they bring will add significant value to our Retail segment partners and customers. The breadth of their specialization in trade credit will drive our continued growth and expansion of presence in the UK and Western Europe and provide a bag opportunities in the US”
Launched in 1939, Brown & Brown Inc. employs more than 15,000 people in 500-plus locations worldwide.
Topics
Mergers and Acquisitions Underwriting
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