Clyde & Co has completed its merger with Canadian insurance firm Nicholl Paskell-Mede (NPM).
The Lawyer revealed in March that the firm was in talks to tie up with the Canadian firm in a bid to replicate what it had already achieved in the US (7 March 2011).
As part of the deal Clydes will be joined by 40 staff, including 15 partners.
Clydes partner and board member James Burns said: “Canada’s an extremely attractive market with a robust and diversified economy. The Canadian insurance market’s going from strength to strength and the UK insurance market’s building up its presence in Canada.”
NPM partner Mindy Paskell-Mede added: “The merger signals the growth of NPM into a globally recognised firm with greater capacity to service our existing clients in more jurisdictions. Clyde & Co’s renowned for its global insurance practice, particularly in fast-growing emerging markets.”
Clydes, which announced a 10 per cent rise in revenues from £192m to £212m for 2010-11 (23 May 2011), is also in talks regarding a merger with rival Barlow Lyde & Gilbert (3 June 2011).
Partners at both firms are expected to vote on the potential merger later this month. If successful the joint firm will be propelled into the UK top 10 with revenues of £306.5m.