Support With The Post-Acquisition Integration of London Market & Lloyd’s Brokers
The Client’s Needs
Our client a London Market insurance broker with overseas ownership had acquired a larger Lloyd’s Broker and intended to merge the two businesses together. They needed support in planning and overseeing the integration.
ICSR were asked to assist with the planning.
ICSR was engaged to assist management to plan all aspects of the integration. The first advice we provided was that it would be simpler, quicker and more efficient to transfer the smaller business of the acquirer to the acquired legal entity which was larger because of TUPE and licensing issues. That advice was accepted by the Board and ICSR then began the process of planning the transfer. ICSR identified key workstreams which included the broking business, IT, Operations, Finance and Accounting, Governance, Compliance and Risk, HR and legal and worked with the individuals responsible for each to create a plan for the integration creating a Gantt Chart with key deliverables and milestones.
ICSR deployed a director with experience in acquisition and merger transactions, a senior consultant to provide the compliance and risk support and a project manager to create the plan.
The client was able to carry forward its integration in an efficient, coordinated and structured manner with the risk of missing issues or failing to ensure transparency for insurers and customers alike significantly reduced.