Cadogan Insurance Services and Deacon Insurance Services are to merge on 1 July 2004, creating a specialist property insurance brokerage.
The combined company will have annual gross written premiums of over £30m, providing cover for approximately 250,000 properties worth £20bn in insured properties, said Cadogan.
The new company, called Cadogan Insurance Services, will retain both the Cadogan and Deacon brand names within their respective areas of the insurance market, with both London and Bournemouth offices retained.
Cadogan will focus on London market business, while Bournemouth-based Deacon will focus on delegated authority scheme business.
Cadogan chairman David Oatley will have responsibility for project managing the merger.
Chief executive of the merged company, Terry Hill, said: “As sister companies within the same property-focused public company, Cadogan and Deacon have been talking for some time.
“While both companies have been successful and profitable in their own right, we concluded that a merger would generate significant benefits for us and our clients through greater scale and influence in the market, a broader knowledge and skills base, and cost efficiencies.
