Cooper Gay Swett & Crawford to sell North American business

U.K.-based Cooper Gay Swett & Crawford (CGSC) announced Friday that the global wholesale, underwriting management and reinsurance broking group will pursue a sale of its North American business unit.

“We believe this transaction will best serve the long-term interest of our clients, employees and shareholders,” says Steve Hearn, CEO of CGSC. The decision was made following a strategic review of CGSC’s group businesses, notes a statement from the company.

Led by CEO Tom Ruggieri, CGSC North America consists of wholesale broker Swett & Crawford, specialty managing general agencies, including J.H. Blades & Co and Creechurch International Underwriters, and a U.S. reinsurance broker.

CGSC reports that the divestiture will exclude the Miami hub office for Cooper Gay’s Latin American operation, which will remain within the CGSC International business, the statement adds.

The group has engaged Perella Weinberg Partners LP to conduct the divestiture process, CGSC reports.

CGSC, was formed in 2010 following the combination of global independent wholesale, reinsurance and specialist retail insurance broker, Cooper Gay and U.S. wholesale broker Swett & Crawford.

At present, CGSC is the largest independent global wholesale and reinsurance broker, placing in the region of $3.5 billion in premiums for our clients in the London, the United States and international insurance markets. The Group has a network of 60 offices across the Americas, Europe, Asia and Australasia.