Costero Brokers, a privately held London-based brokerage, has acquired Prospect Insurance Brokers effective August 1, 2020.
Founded in 2010, Prospect Insurance Brokers is an independent insurance and reinsurance Lloyd’s of London broker specialising in binding authority, reinsurance and alternative risk transfer business placed into Lloyd’s of London, European, and international company markets.
Costero Brokers, which opened its doors October 2017 and now has several individual investors including United States-based Heffernan Insurance Brokers.
Costero said Costero executive VP Nick Murrell and Prospect VPJamie Webb will be tasked with running the newly acquired organisation.
John Tallarida, investor and executive VP of Heffernan Insurance Brokers, said: “We are firmly committed to our goal of building an independent Lloyd’s broker and Prospect fits perfectly into that plan. The organisation brings important capabilities and excellent talent to complement our Costero team.”
Webb added:”We are very excited to be a part of the Heffernan and Costero family. The decision was easy as we are culturally aligned as an independent, family-owned business with a strong focus on innovation and attracting the best talent in the market,
“In addition, we are delighted to benefit from the West Coast super-regional retail presence Heffernan brings, the wholesale distribution, and the MGA distribution through Tangram within the group giving us a full array of distribution possibilities.”
Murrell said: “It is fantastic to see Costero Brokers expanding with the purchase/merger of Prospect, to be part of the new initiatives going forward, and to be working collaboratively to create innovative solutions for clients in what is an ever changing and challenging insurance market.
“The entity combines an experienced team of market professionals in multi-lines at a time of mega broker consolidation and we will be there to offer the individual service clients are now seeking globally as we come together into one specialist business.”