The Folgate Partnership announced it was in advanced negotiation to acquire Lloyd's broker Sterling Hamilton Wright.
Folgate managing director Kenny Maciver said: “Sterling Hamilton Wright is a quality business with an excellent market reputation. This acquisition will bring 121 staff, strengthening our London market presence, and providing us with an exceptional wholesale distribution network.”
Sterling Hamilton Wright managing director David Hughes said: “We are excited by the prospect of joining The Folgate Partnership. Being a part of the Folgate Partnership will be an ideal environment in which our staff can continue to thrive and grow the business. We are at an advanced stage of negotiation, and are optimistic that we will be able to complete the deal shortly”.
Folgate executive chairman Peter Cullum said: “Sterling Hamilton Wright will provide an excellent strategic fit with Folgate, bringing control over the distribution of more than £250m GWP. We expect to complete the transaction by the end of September. I look forward to welcoming the team as we continue to strengthen our position in the UK insurance market.”
