Group disposes of Lloyd's operation and risk management subsidiary.
Alec Finch Group has sold its Lloyd’s broking arm as the business restructures following its acquisition by French broker Verlingue.
The group has also disposed of its risk management subsidiary, Alec Finch Risk Services.
The sales are part of a plan to unify the Finch and Verlingue businesses by 1 January 2009.
A key feature of the plan, the group said, was that the businesses in UK and France should mirror each other operationally.
Lloyd’s broker Alex Finch London has been acquired by its management and Alec Finch family interests.
The risk management subsidiary, Alec Finch Risk Services, has also been the subject of a management buyout. It will continue to work with the group’s clients in the UK and France.
Verlingue president Jacques Verlingue said: “It is our objective to build a pan-European insurance broking and employee benefits business.
“Everything we have announced today is consistent with that plan.
“I am delighted Alec will be continuing as chairman of Alec Finch Group. This will ensure stability.”
Verlingue acquired the group in January 2007.
“I am delighted that Alec will be continuing as Chairman of Alec Finch Group and its subsidiary companies. This will ensure stability, continuity and the ability to work together in a cohesive manner, providing the efficient delivery of a broad range of services to our present and future clients.”
