ONE of the world’s largest privately held insurance brokers yesterday revealed that it had bought a Yorkshire-based firm which specialises in motor sport.
Lockton has acquired the specialist insurance broker, MIS Motorsport, which is based in Guiseley, near Leeds. Lockton and MIS Motorsport completed the transaction after receiving regulatory approval.
Lockton already has a presence in the UK motorsport market and in the US, where it acts for a
number of speedway tracks, rallies, and car clubs. MIS Motorsport is a major brand across market segments ranging from Formula 1 to Karting.
A spokesman said that the acquisition will
strengthen Lockton’s offering, while supporting MIS Motorsport’s expansion into the large US market. MIS has around 10 staff, while Lockton has 900 staff across the UK.
Lockton Companies Partner Mark Evans, the head of Leeds Risk Solutions, said yesterday: “Combining MIS Motorsport and our own business will make Lockton the leading insurance and risk adviser to the UK motorsport industry. Dermot Hanafin, chief executive of MIS Motorsport, has unrivalled knowledge of the needs of motorsport clients, and we are delighted to welcome Dermot and his team to Lockton. The deal is yet another example of the success Lockton’s Leeds corporate office has had since opening in November 2007.”
The combined Lockton MIS team will be based in the north of England, working out of Lockton and MIS premises in Manchester and Leeds. Paul Johnson and Sandip Khroud from the Leeds office of law firm, Irwin Mitchell, advised MIS Motorsport on the deal. Mr Johnson, said: “This is an important deal in the motorsport insurance sector and strategically it makes sense for both businesses. We are delighted to have been involved in this deal and wish the combined business a successful future.”