News - International broking giant swoops for Lloyd's

Hilb Rogal & Hobbs (HRH), which claims to be the world's 10th-largest insurance broker, has swooped ...

Hilb Rogal & Hobbs (HRH), which claims to be the world's 10th-largest insurance broker, has swooped to acquire stock from Lloyd's broker Glencairn Group.

The move caps a remarkable few years for the broker, which was formerly known as Glenrand. It changed its name to Glencairn in 2003 following the completion of the management buyout of the business from its South African parent, Glenrand.

Glencairn has over 150 employees in London, and has offices in South Africa, Russia and Australia. Revenues for 2006 are expected to be in the region of £20m. Steve Hearn, Glencairn's current chairman and chief executive (CEO), will assume the position of chief executive of HRH's existing London operations.

Mr Hearn commented: "By partnering with HRH, Glencairn will have increased access to capital resources and capabilities. We look forward to continuing to serve our clients with the same teams they have worked with for years, and feel that HRH is an extremely good fit, both culturally and strategically."

HRH chairman and CEO Martin Vaughan III added: "We are pleased to have a company of Glencairn's outstanding reputation joining our organisation to further our strategic objectives by expanding our wholesale and reinsurance capabilities.

"In addition, uniting Glencairn with our existing London operations will triple the size of HRH in the UK, combining the forces of some of the most talented insurance professionals in London."

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