Yorkshire-based insurance group acquired by major independently owned broker
AssuredPartners, an insurance broker in the United States, UK and Ireland, has acquired Leeds-based insurer, Romero Group.
The group includes Romero Insurance Brokers Ltd, it’s subsidiary Sentient Group Ltd and Club Insure Ltd (Romero). The transaction is subject to regulatory approval.
Romero Group was founded in 1997 by Justin Romero-Trigo. Since then, it has become one of the largest independent commercial insurance brokers in the UK, controlling more than £100m of gross written premium and employing 205 staff across five regional offices.
As part of the deal, the leadership team, which includes chief executive officer, Justin Romero-Trigo, managing director, Simon Mabb and chief operating officer Victoria Romero-Trigo, will remain at the helm and all staff will be retained.
Founded in 2011, AssuredPartners has acquired more than 450 agencies, with offices in four countries and 36 states across the US.
With more than 9,000 employees, it is one of the largest independently owned brokers in the world.
Justin Romero-Trigo said: “AssuredPartners have met all our requirements in continuing our exceptional service to our clients.
“I am proud that after 26 years we have secured a like-minded partner who will allow us to continue and reinforce our growth trajectory.
“I would like to pay testimony to my staff and management team who have given me 100% at all times, we have and continue to achieve greatness in every area we operate in.
“Our constant drive for change and growth is built into our DNA and we needed a partner with whom we could continue to flourish with and show our entrepreneurial spirit.
“I am pleased to say that in AssuredPartners we have found the perfect partner and, with our strong leadership through Simon and myself, we are in safe hands.”
National law firm Mills & Reeve advised Romero Group on the acquisition. Mills & Reeve corporate partner Paul Johnson, who led the team advising Romero, said: “This is an excellent deal for Romero Group.
“By joining the fast-growing AssuredPartner group, the company has an ideal platform to achieve its ambitious growth plans.”
David Heathfield, chief executive of AssuredPartners UK and Ireland, added: “It’s not just the scale of Romero that sets it apart from its independent peers but the way in which the business has been structured to ensure clients receive an unrivalled level of service from placement to claims advocacy.
“Our largest acquisition to date, the addition of Romero to our growing group is a key milestone in our expansion plans and the combination of these two powerful brands will create better solutions for our clients and provide great opportunities for all staff.”
