Jamieson is pleased to announce that it has advised the shareholders of Endeavour Insurance Services (“EIS”) on its merger with SSL Insurance Group (“SSL”) backed by funds managed by JC Flowers & Co. The transaction is subject to FCA approval but is expected to complete in Q2 of 2018, with the combined business trading as ‘SSL Endeavour’ going forward.
EIS was founded in 1999 and 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 leadership teams at both companies will stay the same with Roger Spicer as CEO of SSL and David Lawrence remaining as CEO of EIS. SSL Endeavour will be co-chaired by Andrew Sturdy, founder of SSL and Chris Giles, Endeavour chairman.
“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.”
David Lawrence, CEO
John Greenland and David Kirkpatrick advised the Endeavour shareholders on the terms of the buyout.