Ward Hadaway works on marine insurer’s sale
19th July 2013
LAW firm Ward Hadaway has advised on the sale of a specialist marine insurance broker.
Experts from the Corporate team at Ward Hadaway provided legal advice to the shareholders of Seacurus Ltd on its acquisition by insurance group Barbican Group Holdings Limited.
Based in Gateshead, Seacurus was established in 2004 and focuses on revenue protection in the marine insurance market.
The company has developed to become a leading provider of marine kidnap and ransom insurance, offering a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.
Under its sale to Barbican Group, which is headquartered in Guernsey, Seacurus will continue to operate under its current brand. Terms of the sale have not been disclosed.
Thomas Brown, managing director of Seacurus, said: “Becoming part of Barbican provides us with an excellent platform from which to further expand and enhance the comprehensive range of bespoke solutions we deliver to our clients in the shipping industry.
“We look forward to working closely with our new colleagues to achieve this.”
Robert Thompson, Corporate Partner at Ward Hadaway, led the firm’s team advising Seacurus on the deal.
Robert said: “Seacurus has carved out a reputation for its expertise in providing specialised insurance to help marine companies deal with a wide range of risks unique to the sector.
“The company’s acquisition by Barbican Group Holdings opens another chapter in its history so we were delighted to be able to assist in that process.”
Thomas Brown said: “Robert and his team at Ward Hadaway gave superb support and advice to us throughout the sale process – it was very reassuring to have them on our side.”
Barbican Group Holdings is a diverse insurance and reinsurance business formed in 2007 and established as an specialist underwriter across a broad range of business lines.
David Reeves, chief executive officer of Barbican, said: “This acquisition marks a significant milestone in the continuing growth of our marine operations.
“Seacurus has built a leading position within the marine insurance broking sector, particularly in the kidnap and ransom arena. Its success reflects the experience and expertise of its team, led by Thomas Brown.
“Seacurus is an excellent fit for Barbican and we see clear synergies between us, not only in terms of the portfolios of business, but also the culture which exists in each organisation.”