Cambiaso Risso Group agrees to buy German broker

Italian insurance broker Cambiaso Risso Group, which has a strong worldwide presence in the shipping sector, has agreed to buy Hamburg, Germany-based Trident Special Risks Versicherungsmakler GmbH, an independent specialist insurance broker and a BDVM (Association of German Insurance Brokers) member.

Trident Special Risks was founded in 2011 and managed by Leo Kissel, with Birte Kissel joining the team in 2018, eventually managing the HR, Financial and Administrative part of the business, a boutique Special Risk and Marine Hull broking house. It has 10 staff.

Trident Special Risks will become part of a group which the buyer said was, through its strategic alliance with Diot- Siaci, as the third-largest marine insurance broker worldwide and the second-largest in Europe, with a presence in more than 40 countries.

Leo and Birte Kissel will continue to manage the team in the Hamburg office.

The new acquisition sees Cambiaso Risso enter the German market, taking the number of staff in the group to more than 300, with a total premium volume of $440m and net revenue of $57m, from broking, consultancy and shipping agency services.

Cambiaso Risso Group was founded in Genoa in 1946 and prior to the Hamburg acquisition operated through 16 offices with 292 staff, of which 206 were in insurance brokerage. The company focuses on Hull insurance, Cargo and P&I (no non-marine), Shipping Agency and Sale & Purchase and Dry Charter. Marine Hull is the company’s main line of business.