PWS boss Card to head up THB International
THB Group has completed its acquisiton of Lloyd's broker PWS.
It said the terms of the deal were unchanged from the details disclosed this morning.
Vic Thompson, group CEO of THB, said: “We consider this to be a very important acquisition strategically for THB. The result is a stronger THB, well positioned as a first choice for clients seeking specialist global insurance solutions. As an independent reinsurance broker with a strong international presence, PWS complements THB’s excellent reputation in the London insurance market very well. PWS is particularly well established in key growth markets in Singapore and Brazil, which are fast developing into regional insurance hubs for the Far East and South America, as evidenced by Lloyd’s own plans to expand into these markets.
“There is an excellent cultural fit between the two organisations, based on client service and a strong team orientation. I am delighted that Stephen Card has agreed to join our Board very shortly, as well as being appointed immediately as CEO of THB International Holdings. He will have a very important role to play both in maximising the opportunities that we expect to open up for the combined businesses and in the integration process.”
Stephen Card, former CEO of PWS, said: “The PWS team is very pleased to be joining a dynamic, growing business. THB offers us exciting opportunities to penetrate further into worldwide markets with our specialist expertise. The two businesses complement each other’s operations well and I firmly expect the combination to be greater than the sum of the parts."
