London Special Risks, the Lloyd's broker that had reported falling profits against hard market conditions, was restructured and sold in a deal which splits off its marine business.
London Special Risks, the Lloyd's broker that had reported falling profits, was restructured and sold in a deal which splits off its marine business.
Fellow Lloyd's broker Lochain Patrick announced an agreement in principle to acquire London Special Risks' marine operation.
London Special Risks had shown in documents filed at Companies House that 2002 profits and turnover both fell by about 15%.
It is understood that different business strategies between the marine and non-marine divisions and a relative underperformance on the non-marine division led to a decision to split it away from the marine operation, headed by managing director David Edwards.
Lochain Patrick said in a statement that Edwards would join its board and all London Special Risks' staff would be integrated into the combined operation.
About 25 staff are affected.
Lochain Patrick director Miles Ritchie said the combined group would be one of London's leading marine hull brokerages.
Fellow managing director Dominic Donoghue said Lochain Patrick was planning further acquisitions of businesses and teams.
The deal is subject to Lloyd's approval.
