Specialist re/insurance group Aventum has completed its first MGA acquisition, acquiring maritime specialist Post & Co, in a bid to create the world’s leading independent specialist managed general agency (MGA) platform.
The transaction is a decisive step in Aventum’s international growth strategy and will immediately establish a new growth platform in continental Europe and strengthen the group’s global maritime proposition.
This acquisition is complementary and value-added to Aventum’s global MGS and Rokstone, merging two independent businesses together.
Aventum CEO David Bearman said: “This acquisition opens up a significant new growth area for us in continental Europe. It demonstrates how we will selectively use M&A to expand our capabilities and accelerate growth with strong strategic alliances. Aventum is in an enviable and privileged position – we are independent, have strong financial strength and are not constrained by punitive debt. This gives us the freedom to explore M&A opportunities in an environment where other companies have retreated.”
Family-owned Post & Co, headquartered in Rotterdam and founded in 1918, is considered one of the most established and respected maritime underwriting businesses in continental Europe.
With four offices in Rotterdam, Groningen, Antwerp and Frankfurt, the company offers a comprehensive range of marine insurance, including P&I, charterers’ and shipowners’ liability, war risk, cargo and logistics-related insurance.
Post & Co distributes through a network of approximately 250 brokers across Europe and Asia, supported by the market capacity of Lloyd’s and specialist firms.
The company will operate under the Aventum Group as part of Rokstone. The acquisition is focused on growth and there will be no changes to Post & Co’s management or organization.
Roderick Post remains a key member of the senior leadership team. He will play a significant and active role in leading the development and growth of the enlarged group’s continental European platform and marine businesses.
Bearman continued: “This is a landmark moment for Aventum, our first MGA acquisition and one we are very proud of. Post & Co is a business built on deep industry expertise and an independent spirit for more than a century.
“These values resonate strongly with Aventum. In welcoming Roderick and his team to the Aventum family, we are not only gaining the highest level of business, but also a leadership team whose experience and position in the European MGA market will be invaluable.”
Roderick Post, CEO of Post & Co, commented: “Post & Co has been part of our family for over 100 years and we took the decision to find the right long-term partner with great care.
“Aventum’s values, commitment to independence, staff and ambition are closely aligned with everything Post & Co stands for. I am proud to join Rokstone and the Aventum Group and look forward to contributing to the growth of the enlarged group.”
The transaction is subject to customary regulatory approvals. Financial terms have not been disclosed
