London 18th May, 2018: Lloyd’s broker and delegated authority specialist Endeavour Insurance Services Limited (“Endeavour”) today announces its agreement to merge with fellow Lloyd’s and independent specialist marine broker SSL Insurance Group (“SSL”). 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.
Founded in 1999, Endeavour Insurance Services specialises in the placement of business produced by North American and European agents handled under delegated authorities. Now employing 44 people in its London headquarters, Endeavour has three divisions supporting business from Canada; the USA, Europe and the Rest of the World; and Cyber.
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.
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.
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. This deal represents a milestone in our development to date – we are delighted to be combining with the talented SSL team that will give us greater scale and complementary skills. With the backing of JCF, SSL Endeavour’s focus on growth and modernisation initiatives make the Group very well placed for future expansion, both organically and through acquisitions.”
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 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.”
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 Endeavour Insurance Services
Founded in March 1999, Endeavour Insurance Services specialises in the placement of business produced by North American and European agents handled under delegated authorities.
Now employing 44 people in its London office, Endeavour has five divisions supporting business from the USA; Canada, Europe and the Rest of the World; Facultative Reinsurance; and Cyber.
The classes of business covered under the above territories are as follows:
- USA: Property, Casualty, Professional Risks, Specialty. Open Market, Binding Authorities and Reinsurance
- Canada: Property, Casualty, Professional Risks and Personal Accident. Open Market, Binding Authorities and Reinsurance
- Cyber worldwide – Online portal, cyberEIS
Endeavour is an accredited Lloyd’s Broker and a member of the Wholesale & Specialty Insurance Association (WSIA) following the merger of the National Association of Professional Surplus Lines Offices (NAPSLO) and the American Association of Managing General Agents (AAMGA) on 1st August, 2017.
Helen Wright, Lysander PR
07842 729 579
Roddy Langley, Lysander PR
07740 633 296
Endeavour founder – David Lawrence