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J.C. Flowers buying Lloyd's brokers SSL, Endeavour

Independent specialist marine broker SSL Insurance Group and delegated authority specialist Endeavour Insurance Services Ltd. have agreed a merger deal that will conclude with both companies being acquired by a fund advised by U.S.-based private equity firm J.C. Flowers & Co. LLC.

The combined business will trade as SSL Endeavour. Roger Spicer and David Lawrence will continue as CEOs of SSL and Endeavour, respectively, while SSL founder Andrew Sturdy will co-chair the combined entity with Endeavour Chairman Chris Giles.

The merger will create a Lloyd's of London broker that will explore further acquisition opportunities in the insurance market, Endeavour said in a May 18 statement.

The transaction is expected to complete in the second quarter, subject to approval by the U.K. Financial Conduct Authority.