HAMMOND Suddards has acquired Forsyte Saunders Kerman's Lloyd's of London insurance team in a move designed to boost its insurance operations across the UK.
Both sides declined to reveal the asking price which included Forsyte Saunders office in the Lloyd's building, open for little more than a year.
Chair of Forsyte Saunders' partnership board Paul di Biase said the sale suited his firm because the Lloyd's operation “was not making the progress which we would have liked”.
Di Biase said the Lloyd's team was being held back because many potential clients in the market were the insurers of professionals being sued by Forsyte Saunders' property clients.
“Although there was no conflict of interest, there was commercial reluctance by insurers to instruct the firm in such circumstances,” added di Biase.
Forsyte's Lloyd's team is led by partner Michael Robin who said the take-over heralded expansion and growth. “We will be recruiting at every level to build up our business,” he said.
Hammonds, which employs 900 people compared to Forsyte's 150, is one of the country's largest commercial practices and will be able to furnish Robin with formidable financial backing.
Hammonds senior partner John Heller said: “With the addition of this strong presence in London, we can now provide co-ordinated national representation to insurers, enhancing the services we provide to their insured.” Hammonds insurance practices have been centred in Leeds and Manchester.