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24/01/2008 THB Group plc secures major acquisition
Specialist insurance broker THB today announced the successful conclusion of its acquisition of the Lloyd’s broking business of PWS International Ltd and certain overseas interests of the PWS group.
Vic Thompson, Group Chief Executive of THB Group plc, explained why PWS represented an attractive proposition for THB:
”Although there were some legal complexities, these have been overcome by the ambition and focus of all those involved to complete a deal which enables the enlarged THB Group to position itself as a top choice for clients seeking specialist global insurance solutions.”
Stephen Card, former CEO of PWS and now CEO of THB International Holdings Limited, added:
”The two businesses complement each other’s operations well and their combined strength will give rise to exciting opportunities to progress further into worldwide markets with our specialist expertise.”
17/01/2008 Steve Kirk joins PWS Marine Division
PWS Holdings plc, the specialist independent international insurance and reinsurance broker, is pleased to announce Steve Kirk has joined the Group as a Divisional Director of its Marine Division.
PWS is currently trading at the best level it has for some years and the Board expects this to continue through 2008.
Mr Kirk has over 30 years experience in the London Insurance Market, where he has specialised in the Marine Hull broking sector. His role will include broking and production of new business. Steve joins PWS from Lloyd’s broker, HSBC.
This appointment advances the Group’s strategic remit to expand the PWS Marine Division. This was initiated in November 2007 with the appointment of Richard Cirsch as Divisional MD, quickly followed by the recruitment of Simon Christensen as a Director earlier this month. Mr. Kirk’s appointment further extends the Division’s capabilities, a process which is expected to continue over the coming months.
Further recruitment into PWS’ Marine Division is planned.
Commenting Stephen Card, CEO of PWS said:
”I am delighted Steve will be joining Richard Cirsch in our Marine Division. I am also very encouraged by the team’s performance so far, and look forward with enthusiasm to the further development of this area over the coming months. I am also delighted that as a Group we are enjoying the most buoyant trading that we have for some years, and that we expect this to continue through 2008”.
15/01/2008 PWS and THB Deal Terminated
PWS Holdings plc, (”PWS”), the specialist independent international insurance and reinsurance broker, notes today’s announcement by THB Group plc (”THB”) regarding the termination of negotiations relating to the sale of PWS’s Lloyd’s broking business and overseas interests to THB.
Combining the two businesses was always going to be complex and time consuming. Having said that, from the outset PWS imposed a relatively strict timetable for completion. During the process, however, a number of key dates were unfortunately missed and subsequently extended. It has now become clear that, further extension would be required and the Board of PWS concluded the level of ongoing uncertainty this would cause would not be in the Group’s best interests.
While both sides agree the two companies would have made an ideal strategic fit, PWS is disappointed that a deal will not now be forthcoming. PWS will therefore continue as a successful independent company, pursuing its defined growth strategy as evidenced by a number of key recruits announced lately to expand its broking teams.
PWS is currently trading at the best level it has for some years and the Board expects this to continue through 2008.
About PWS: PWS is a recognised leading brand name in the international broking arena. Its business is truly international by nature, emanating from clients in over 100 countries and placed with reinsurers located around the world. The PWS network extends to 16 offices worldwide.
Commenting Stephen Card, CEO of PWS said:
“We are obviously disappointed our deal with THB has terminated, as together we would have made an excellent fit. From the outset it was always going to be a complex transaction and in the end it was just not going to be possible to bring both companies together in a time frame that suited both parties”.
04/12/2007 Potential Offer
PWS Holdings plc, (“PWS”), the specialist independent international insurance and
reinsurance broker, notes today’s announcement by THB Group plc (“THB”) that the
two companies are in preliminary negotiations for the sale of PWS’s Lloyd’s broking
business and overseas interests to THB. Due diligence is currently being carried out
and the two companies are hopeful that terms can be agreed that will result in a
transaction being concluded before 31 December 2007
About PWS: PWS is a recognised leading brand name in the international broking arena. Its business is truly international by nature, emanating from clients in over 100 countries and placed with reinsurers located around the world. The PWS network extends to 16 offices worldwide.
About THB: THB provides insurance broking and risk management advice to
wholesale and retail clients in a number of specialised markets. Listed on the London
Stock Exchange’s AIM market, THB’s business is based principally in the London
market and it serves clients and markets throughout the UK and internationally.
Commenting Stephen Card, CEO of PWS said:
“We are delighted negotiations are underway between the Boards of PWS and THB, with a view to THB acquiring our Lloyds broking business and overseas interests. While discussions are still at a preliminary stage, we believe the two companies, both leading specialists in their chosen fields, are highly complementary”.
“PWS is one of the largest London-based independent reinsurance brokers, while THB holds a similarly strong position in insurance broking and risk management. Together, PWS and THB would provide clients with access to a powerful international network extending to Asia, the Americas, the Middle East and Europe, making the proposed combination an excellent strategic move for both parties.”