Latitude Brokers, the Hong Kong-based marine insurance specialist founded last year, has announced the management buy out of its shareholding previously owned by Cooper Gay Swett & Crawford (CGSC).
Andrew Brooker, founding partner of Latitude Brokers said: “We are thrilled to reach the point in our business plan where we become independent.”
Shaun Hooper, CEO international of CGSC said “CGSC’s business units will continue to work with Latitude following their management buy out and we wish them the best for the future.”
Financial terms of the deal were not disclosed.
Latitude Brokers launched in September 2014 in Hong Kong and services clients predominantly in the Asia-Pacific region across the marine, offshore and global supply chain sectors. Latitude was set up by Tom Fulford-Smith (son of well known shipbroker, Richard), Vanessa Toucas, Andrew Brooker and Charles D’Alton.
CGSC, meanwhile, is one of the largest independent global wholesale, underwriting management and reinsurance broker groups, placing more than $5bn in premiums for clients.