CBC (UK) Limited (CBC), the independent employee-owned Lloyd’s Insurance Broker is delighted to announce a transaction with Specialist Risk Group (SRG) which combines two of the fastest growing specialist insurance brokers in the UK.
CBC has been trading at the heart of the Lloyd’s of London insurance market for more than thirty-eight years. In 2017, Andrew Wallas and Rob Cottingham initiated a management buy out supported by the bespoke private equity house, B P Marsh and Partners PLC.
Since that time, we have focused passionately on culture and values. We have attracted a large number of highly experienced, talented, dedicated practitioners of London Market Insurance.
We have fostered a unique spirit of accountability and collaboration from which our clients, capacity providers and all other stake holders have benefited.
Choosing a partner for the next chapter of CBC was critical and potentially hazardous. However, following several meetings with the senior management team at SRG it quickly became clear that there was a special opportunity in bringing these two businesses together to create an outstanding platform of specialist lines of business.
Andrew Wallas, CBC Chairman said: “I have enjoyed the last six years at CBC more than any other time in my insurance career. The collaboration and partnership with Rob Cottingham and other senior team members has been inspiring and tremendous fun. With SRG and in particular, Warren Downey and Lee Anderson, we have found kindred spirits and a business with whom we feel aligned. It has been an easy and effortless process persuading our colleagues that this is the right transaction at the right time. I am personally thrilled at the potential that this alliance represents.”
Rob Cottingham, CBC CEO said: “I first worked with Andrew Wallas back in 1998 and when the opportunity arose to come together again, I leapt at the chance. Since completing the MBO in 2017 we have successfully transformed CBC from a small, relatively unknown, UK centric business into a specialist, niche product provider with a global reach. Finding a suitable partner for the next stage of our development was always going to be challenging because we have remained adamant that a potential buyer must be aligned with our culture as well as being a good fit for our people and our clients. As we have come to know Warren, Lee and the other members of the management team, it has become increasingly clear that SRG is the perfect home for this next stage. I am very excited about what we can achieve together in the future.”