Siaci Saint Honore, one of the leading providers of insurance brokerage and consulting services headquartered in France and Italian broker for marine insurance Cambiaso Risso group have announced a strategic partnership to foster a strong positioning in their markets.
Sources explain to Splash that the French player took a majority stake (60%) in the Italian insurance broker. The deal is subject to approval by the competition authorities in some of the 42 countries in which the two companies operate and will come into effect in the second quarter of the year.
The continuity of Cambiaso Risso brand and the company operational autonomy have been confirmed.
“The complementarity between the two groups is very strong in the marine area, between the unchallenged leadership of Cambiaso Risso in the hull & machinery area, and the strong stake in cargo of Siaci Saint Honore, which added Cap Marine in 2016 to its rich marine offer. CAP MARINE specialised entity could also bring its P&I expertise to strengthen the provided services,” read a joint statement from the companies.
The combination, which will regroup 285 employees in insurance brokerage managing premiums of around €550m, will also benefit from the presence of Cambiaso Risso in the Lloyds market through the joint venture CR MAG built with MAG JLT, in which Cambiaso Risso has now taken 100% of the shareholding. The new joint business will bill more than €55m commissions.
The size of the French investor will make it possible for Cambiaso Risso to grow rapidly first through new hires at its Genoa headquarter and then through expansion into markets with strong growth aiming at the further internationalisation of the group.