Lockton, the US insurance broking giant which set up a Scottish operation in June, has pounced on the Glasgow general insurance business of UK broker Griffiths & Armour.
The deal will increase Lockton's gross written premiums to around £20m and add seven staff led by Graeme Stirling.
It will boost the professional and financial lines business in Edinburgh led by Lorraine Boyle, and takes the number of professionals employed by Lockton in Scotland to over 25.
It builds on Lockton's arrival in the Scottish corporate insurance market following the strategic hires of former Marsh executive Gordon Duncan, Gordon McLagan, and Nichola Martin.
Mr Duncan commented, "This acquisition further strengthens Lockton's position in Scotland as a combined business and provides extensive credentials, capabilities and resources to help our clients grow and thrive.
"Griffiths & Armour have an outstanding reputation and track record for retaining clients in Glasgow."
He said the Glasgow-based operation now had the capability to "compete against global brokers such as Marsh, Aon and Willis".
On whether further acquisitions were likely, he said: "The focus going forward is organic growth. We think there is some discontent in the broking industry just now in terms of staff morale, and we would be interested in looking at key individuals and teams."
Mr Stirling said he looked forward to offering "an international platform" to corporate clients in Scotland".
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article