Geo Underwriting announced today that the group has completed its acquisition of captive manager Robus.
Geo Underwriting is owned by the Ardonagh Group, the UK’s largest specialist underwriting group.
Under the acquisition Robus CEO Richard Le Tocq will continue to independently run Robus, under Geo Specialty Group Holdings.
The financial details of the acquisition have not been released.
Geo has gone on a recent acquisition spree, also snapping up specialist agriculture underwriter Rural, construction underwriter Thames Underwriting, the marine and leisure division of broker KGM Underwriting, and broker Bravos Group.
Geo Underwriting CEO Derek Coles said that the reason behind the acquisition was that there was renewed interest in captives.
“Robus is a small but powerful addition to the group and joins at a significant time,” Coles stated.
“Hardening rates are leading to an increase in interest from MGAs, brokers and insurance industry investors to set up their own insurance carriers, and from both corporate firms and intermediaries looking to set up their own captives.
“The addition of Robus broadens the suite of our specialist capabilities and expertise available to clients. The team’s focus on collaboration, trust and innovation – seeking to be true partners of their clients – also makes them an exciting cultural fit for us.”
Le Tocq said that Robus finds itself in “good company” with Geo Underwriting.
“Of utmost importance to us throughout this process was finding a home that would value and support our independence,” he said.
“With Geo Specialty we find ourselves in good company. We have a proud history of developing innovative insurance solutions to meet the changes in our clients’ needs within a variety of jurisdictions and are pleased to be part of a larger Group with a track record in investing for growth.”