Oxygen Holdings has announced today the acquisition of Smart & Cook...
Oxygen Holdings has announced today the acquisition of the business of Smart & Cook Consulting (SCC).
All SCC staff and client portfolios will transfer to Oxygen. The business will become part of Oxygen's broking operation and be branded Oxygen UK Corporate Risks, a division of Oxygen Insurance Brokers.
The acquisition, which is reported on in this week's issue of Insurance Times, will give Oxygen its first operating location outside London and provide a platform from which to develop a wider UK regional presence in all classes of insurance.
The expanded client base will now encompass a number of large UK corporate businesses. Oxygen UK Corporate Risks will employ over 30 people and continue to operate from its offices at City Exchange in Albion Street, Leeds.
Sean Hicks will join Oxygen as head of Oxygen UK Corporate Risks and will be joined by all members of his existing team including Chris Brady, Graeme McIntyre, Keith Florence, Nigel Harrison and Richard Butcher.
Hicks said: “Oxygen has, in the two years since its launch, established a strong business with a team that provides exceptional market knowledge and expertise… [It] provides us with an excellent platform from which to grow the retail business.”
Nigel Barton chief executive of Oxygen Holdings said: “Sean and his team operate a business model that fits perfectly with the direction the insurance market is moving. Full transparency and high quality of service are becoming essential characteristics for all insurance businesses, especially given the FSA's recent admission that the prospect of mandatory commission disclosure is becoming ever more likely. As a result we see our two businesses as a perfect fit.”
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