Kennedys is back on the expansion trail and is set to join the Scandanavian market after formalising an associate agreement with Danish firm Advokatfirmaet Erritzøe.
The London-headquartered firm said the non-exclusive relationship would give it access to the insurance markets in Scandinavia while providing Erritzøe with access to London insurance market experts.
Kennedys partner Trevor Davies commented: “With the increasing role being played by Scandinavian insurers and corporates in a number of our core markets and specialisms – such as product liability, energy and pharmaceuticals – we saw the opportunity to step up our relationship.”
Erritzøe partner Morten Erritzøe Christensen added that the relationship would underpin his firm’s international growth.
The four-partner Danish firm was established in 1997 as a standalone insurance boutique. The firm specialises in, among other areas, top-level directors’ and officers’ liability insurance, professional indemnity claim and coverage disputes.
Davies, who joined Kennedys in 2008 after it merged with his firm Davies Lavery (19 June 2008), has led the negotiations.
Kennedys strategy is to push international growth through alliances that later become mergers. This has helped the firm boost turnover by 112 per cent over the last five years from £51.5m to £109m while increasing its partnership count from 95 to 155.
There has been a temporary break in the expansion of the firm while Kennedys bedded in two mergers last year. This included Dublin associate firm O’Hare O’Connor Walshe, which createdKennedys Ireland in June last year (1 June 2011). This came just months after a merger with Portugal-based associate office Almeida & Athayde to launch Kennedys Portugal (2 March 2011).
At the 2011-12 year-end the firm posted revenues of £109m, up 12.6 per cent on the previous year. Average profit per equity partner dipped slightly from £400,000 to £390,000 while Kennedys’ equity partner headcount increased from 49 to 55.