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NEWS RELEASE
Lloyds broker Miles Smith acquires Parker Norfolk and RL Davison’s London market business
Lloyds broker Miles Smith (www.milessmith.co.uk), already rated in the top three, has taken the next steps towards its goal of being the leading independent London Market Broker with the acquisitions of wholesaler motor fleet specialist Parker Norfolk and the UK operations of RL Davison. These new acquisitions give Miles Smith greater reach to UK brokers and, in turn, give brokers in the three firm’s networks a wider product and service offer. Parker Norfolk was acquired in October and RL Davison will join the Miles Smith Group on December 1st.
Parker Norfolk has become a wholly-owned subsidiary of Miles Smith and its six-strong team, which is now expected to grow, will continue to trade from its Sudbury offices and under the Parker Norfolk brand.
RL Davison (www.rldavison.co.uk) has transferred its UK Motor and Commercial London market operations to Miles Smith, which will operate under the name of ‘ RL Davison London Market Broking’. The RLD UK-facing team will transfer to Miles Smiths offices in Birchin Lane, EC3, less than five minutes walk from the Lloyd’s Building. RL Davison’s international , marine and reinsurance business will remain independent.
These acquisitions will bring Miles Smith’s gross written premium to over £180+ M. Its staff will increase to more than 150.
The moves have come as no surprise to the London Market marketplace, and have been warmly received. In 2008, Miles Smith’s financial base was strengthened when Amlin (www.amlin.com) took a minority shareholding, and Miles Smith’s CEO Paul Chainey has been forthright about his goals to grow the firm without compromising on the service values and internal loyalties that have always underpinned it success.
Paul Chainey said: “Parker Norfolk and RL Davison are firms which have been grown into successful businesses by fully-engaged owners. It is our good fortune that the principals of both were ready for a change of ownership, but did not want to compromise the culture in which their staff operate so successfully by simply joining with a consolidator.
“In each case, Miles Smith presented the best possible exit strategy for owners’ opportunities, managers and staff alike. These are, for me personally, deeply satisfying outcomes.
“Over 75% of our staff have chosen to be shareholders with a vested interest in our business and its culture, and the board is always aware that we are judged by shareholder value,” he adds.
About Miles Smith: Miles Smith is an independent Lloyd’s schemes & affinities insurance brokers based in the City of London. Established in 1925, the firm has particular experience in arranging custom cover for high risk industries, commercial motor, and the growing market in recycle, reuse and waste management. It has established affinity partnerships with a dozen trade bodies ranging from the Environmental Services Association to the Asbestos Removal Contractors Association, with major links to the UK’s largest Insurance Companies as well as international insurers and reinsurers, providing market leading solutions to the UK broker market.
About R L Davison: R L Davison is one of the leading independent Lloyd's and London Market Brokers, placing wholesale and direct commercial motor fleet insurance business on behalf of a wide range of brokers, clients and other organisations throughout the UK, Europe and around the world. Based in the City of London RL Davison has established relationships with over 200 sub-agent brokers around the UK
About Parker Norfolk: Established 20 years ago and led by Michael Parker, Parker Norfolk is a Suffolk-based wholesale motor fleet specialist with a UK-wide broker network and a reputation for excellence.
Further information: Lynne East T: 01273 731184 / 07850 965442 E: lynne.east@btinternet.com
NEWS RELEASE
Lloyds broker Miles Smith acquires Parker Norfolk and RL Davison’s London market business
Lloyds broker Miles Smith (www.milessmith.co.uk), already rated in the top three, has taken the next steps towards its goal of being the leading independent London Market Broker with the acquisitions of wholesaler motor fleet specialist Parker Norfolk and the UK operations of RL Davison. These new acquisitions give Miles Smith greater reach to UK brokers and, in turn, give brokers in the three firm’s networks a wider product and service offer. Parker Norfolk was acquired in October and RL Davison will join the Miles Smith Group on December 1st.
Parker Norfolk has become a wholly-owned subsidiary of Miles Smith and its six-strong team, which is now expected to grow, will continue to trade from its Sudbury offices and under the Parker Norfolk brand.
RL Davison (www.rldavison.co.uk) has transferred its UK Motor and Commercial London market operations to Miles Smith, which will operate under the name of ‘ RL Davison London Market Broking’. The RLD UK-facing team will transfer to Miles Smiths offices in Birchin Lane, EC3, less than five minutes walk from the Lloyd’s Building. RL Davison’s international , marine and reinsurance business will remain independent.
These acquisitions will bring Miles Smith’s gross written premium to over £180+ M. Its staff will increase to more than 150.
The moves have come as no surprise to the London Market marketplace, and have been warmly received. In 2008, Miles Smith’s financial base was strengthened when Amlin (www.amlin.com) took a minority shareholding, and Miles Smith’s CEO Paul Chainey has been forthright about his goals to grow the firm without compromising on the service values and internal loyalties that have always underpinned it success.
Paul Chainey said: “Parker Norfolk and RL Davison are firms which have been grown into successful businesses by fully-engaged owners. It is our good fortune that the principals of both were ready for a change of ownership, but did not want to compromise the culture in which their staff operate so successfully by simply joining with a consolidator.
“In each case, Miles Smith presented the best possible exit strategy for owners’ opportunities, managers and staff alike. These are, for me personally, deeply satisfying outcomes.
“Over 75% of our staff have chosen to be shareholders with a vested interest in our business and its culture, and the board is always aware that we are judged by shareholder value,” he adds.
About Miles Smith: Miles Smith is an independent Lloyd’s schemes & affinities insurance brokers based in the City of London. Established in 1925, the firm has particular experience in arranging custom cover for high risk industries, commercial motor, and the growing market in recycle, reuse and waste management. It has established affinity partnerships with a dozen trade bodies ranging from the Environmental Services Association to the Asbestos Removal Contractors Association, with major links to the UK’s largest Insurance Companies as well as international insurers and reinsurers, providing market leading solutions to the UK broker market.
About R L Davison: R L Davison is one of the leading independent Lloyd's and London Market Brokers, placing wholesale and direct commercial motor fleet insurance business on behalf of a wide range of brokers, clients and other organisations throughout the UK, Europe and around the world. Based in the City of London RL Davison has established relationships with over 200 sub-agent brokers around the UK
About Parker Norfolk: Established 20 years ago and led by Michael Parker, Parker Norfolk is a Suffolk-based wholesale motor fleet specialist with a UK-wide broker network and a reputation for excellence.
Further information: Lynne East T: 01273 731184 / 07850 965442 E: lynne.east@btinternet.com
