Combined UK Wholesale divisions will operate under the Tysers brand
Integro Insurance Brokers has announced the signing of a definitive agreement to merge their UK Wholesale and UK Retail operations with Tyser & Co Ltd. (“Tysers”), a leading specialist Lloyd’s broker. Integro will acquire 100 per cent of Hawkes Bay Holdings Ltd. (“HBH”), the privately-owned principal parent company of Tysers. The transaction requires regulatory approvals, and financial considerations have not been disclosed.
As Integro’s largest acquisition to date, the news demonstrates the business’ commitment to expand into attractive, specialist insurance markets. The highly compatible business structures and cultures will create an attractive and competitive brokerage, with double the scale.
Integro and Tysers have complementary Wholesale capabilities, which will provide opportunities to expand and enhance the businesses client offering – with new solutions and expanded geographic coverage. Recognising its strong heritage, the combined Wholesale business will trade under the Tysers brand and be led by Integro’s current Co-Heads of UK Wholesale, David Abraham and Jason Collins. Tysers’ UK Corporate team members will join Integro’s UK Retail team, overseen by Bob Pybus, Integro’s Head of UK Retail and trade under the Integro brand.
The broader management team will be made up of a combination of the existing Integro and Tysers management teams. Details of this will be released in due course. At this time, Integro can confirm that Christopher Spratt, Chairman of Tysers, and Peter Haynes, Non-Executive Director, will be joining Integro’s UK Board.
Founded in 1820, Tysers has successfully grown from a marine trade business to a specialist broker operating internationally in four practice groups: North America; International; Reinsurance, and Marine & Specialty. Originally a family firm, Tysers became a private partnership before incorporating in 2001. In 2007, a new generation spearheaded a buyout of Tyser & Co, which led to it being 100 per cent colleague-owned.
Integro, founded in 2005 and owned by Odyssey Investment Partners, LLC, has evolved to become a leading specialty insurance brokerage firm, serving clients in over 125 countries from more than 40 offices across the globe. The business is active in a range of speciality areas, including Aviation; Benefits Consulting; Entertainment & Sport; Financial Institutions; Healthcare; Marine/Energy; Professional Services; Real Estate/Construction; Reinsurance; Retail/Consumer Services; and Transportation & Logistics.
Jason Collins said, “This combination, once completed, will create a significantly larger wholesale platform that still retains its identity of being client-focused and a specialist broker. Clients will benefit from an enhanced range of products reflecting the broader skill base of the combined firms.”
David Abraham added, “We are delighted to be joining forces with such a well-respected specialist firm.”
Bob Pybus said, “In addition to their Wholesale team, Tysers brings a talented Retail team which will improve our ability to serve corporate clients out of London.”
Christopher Spratt said, “With continuing evolution and consolidation in the market I am confident that by bringing Tysers and Integro together we can go forward under the Tysers brand and develop an exciting business. This will deliver enhanced services to our clients, opportunities for our staff and an attractive proposition to the London market and beyond”.