Lloyd’s and independent specialist marine broker SSL Insurance Group (“SSL”) today announces its agreement to merge with fellow Lloyd’s broker and delegated authority specialist Endeavour Insurance Services Limited (“Endeavour”). This deal will conclude with both companies being acquired by a fund advised by private investment firm J.C. Flowers & Co. LLC (“JCF”).
The transaction is subject to FCA approval and is expected to complete in the second quarter of 2018.
Established in 2003, SSL is a leading marine broker, supporting clients in more than 80 countries and servicing a substantial book of fleets. As well as its marine expertise, SSL has expertise in many other insurance classes including Cash in Transit, Financial Institution and Political Risk. Employing 42 people, the company is headquartered in London.
Founded in 1999, Endeavour specialises in the placement of business produced by North American and European agents handled under delegated authorities. Employing 44 people in its London office, Endeavour has three divisions supporting business from Canada; the USA, Europe and the Rest of the World; and Cyber.
The combined business will trade as SSL Endeavour and the leadership team at both companies will remain in place with Roger Spicer continuing as CEO of SSL and David Lawrence retaining his role as CEO of Endeavour. SSL Endeavour will be co-chaired by Andrew Sturdy, founder of SSL and Chris Giles, Endeavour chairman.
Together, the companies boast complementary books of business and skills. The merger provides a strong and efficient platform from which to grow a dynamic, client focused Lloyd’s broker whilst exploring further acquisition opportunities in the insurance market.
SSL CEO Roger Spicer praised the historic nature of the deal:
“JCF has successfully agreed two deals in the Lloyd’s market simultaneously which is a remarkable feat. They have brought together two successful companies with no overlap of business. I believe that SSL Endeavour will be able to provide a broader offering to its combined client base. We are looking forward to an exciting future working together with the Endeavour team.”
Endeavour Founder and CEO David Lawrence said:
“Both Endeavour and SSL are specialist international brokers, committed to increasing the efficiency and flow of business into the London Market. We are delighted to be combining with the talented SSL team. With the backing of JCF, SSL Endeavour’s focus on growth and modernisation initiatives will make it very well placed for future expansion, both organically and through acquisitions.”
JCF Vice President Jonathan Cox said:
“It has been a privilege working with the SSL and Endeavour teams in recent weeks to combine their businesses. The merger creates a highly complementary and entrepreneurial business from which to expand, both organically and through acquisition. We look forward to working with the team as they develop their specialist proposition.”
Notes for Editors
About SSL Insurance Brokers Ltd
Founded in February 2003, SSL Insurance Brokers Ltd specialises in the placement of Marine and Specie business from a worldwide client base.
Now employing 42 people, SSL now supports the following classes of business
Marine Hull and associated interests, P&I, Builders Risk, Kidnap and Ransom, Political Risks, Cash in Transit, Cargo, Fine Art and Specie, Space, Aviation and Financial Institutions.
SSL is an accredited Lloyd’s Broker
David Haggie, Haggie Partners
Emily Sharpe, Haggie Partners