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International News - RS Group buys into Lloyd's broker.
(From Post Magazine)
Toronto-based broker the RS Group has acquired 49% of the issued share capital of Lloyd's broker Dashwood, Brewer & Phipps. The Canadian company expects to receive more than $4m (GBP2.2m) annually in minority income as a result of the acquisition.
Under the terms of the deal, RS Group has agreed to place insurance in the London and Lloyd's markets through Dashwood. As consideration for the purchase, RS Group will pay Dashwood GBP1.5m that will be funded by brokerage commissions earned by Dashwood from ...
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