Italy-based marine insurance broker Cambiaso Risso has signed a strategic partnership agreement with France-based insurance broker Siaci Saint Honore.
The deal, which will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active, should come into effect during Q2 2019. The result will be the second;-largest marine broker in Europe, according to Cambiaso Risso.
President Marco Risso and CEO Mauro Iguera will keep their respective positions within Cambiaso Risso, taking major responsibility for the international development of marine business worldwide of the Siaci Saint Honore Group. The continuation of the Cambiaso Risso brand and the company’s operational autonomy have been confirmed, the Italian broker said. Siaci Saint Honore will use the Genoa based company, present also in Trieste and Naples, to lead its development in the Italian market.
The combination will result in 285 employees in insurance brokerage, managing more than €550 m of annual premium. Cambiaso Risso is present in the Lloyds market through joint venture CR MAG, built with MAG JLT.
Given the globalization of markets, Cambiaso Risso said that its objective now was to continue providing the shipping sector with high quality services through a niche offering but with a clear target to expand to a wider geographical area.