Atlanta insurance servicer merges with London counterpart
London-based independent insurance broker Cooper Gay Ltd. has completed its merger with Atlanta-based counterpart Swett & Crawford Group, the companies announced Friday.
The deal, announced in June, unites the firms under the holding company Cooper Gay Swett & Crawford Ltd. The combined company holds $3.5 billion in premiums worldwide.
Swett & Crawford acts as a warehouse of insurance products, serving as a middleman between independent agents and global commercial insurance carriers.
The new Cooper Gay Swett & Crawford will be based in London. Financial terms were not disclosed.
The London and Atlanta-based units will act as independently managed subsidiaries with international capabilities.
“This takes us from being just being a U.S.-based corporation with U.S. capabilities to being a global company with global capabilities,” said J. Neal Abernathy, president & CEO of Swett & Crawford, who will remain in that capacity in the combined company.
The deal, he told the AJC, opens the door for Swett & Crawford to serve multinational companies.
Swett & Crawford has 150 employees in metro Atlanta. No job cuts will occur as a result of the merger.
The Swett & Crawford brand will continue in the United States. Cooper Gay also has a risk services division office in Atlanta that will be folded under the Swett & Crawford umbrella.
The combined company has 1,500 employees and 60 offices worldwide.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
