Insurance brokerage company Brown & Brown has concluded the takeover of UK-based insurance industry group Kentro Capital.

In May this year, Brown & Brown signed an agreement to acquire Kentro Capital. 

Both parties did not disclose the financial terms of the deal.

With the conclusion of the deal, Kentro Capital will become part of Brown & Brown’s European operations.

Established in 2008, Kentro manages gross written premiums worth more than £500m ($610.99m). 

With a workforce of more than 350 insurance specialists, the company operates from offices across the UK, US, Europe, Asia and Dubai. 

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By GlobalData

Brown & Brown Europe CEO Mike Bruce said: “We are very excited to welcome Kentro to the Brown & Brown team. 

“The opportunity to collaborate with Colin and our new Xenia and Nexus teammates while adding their unique capabilities to our already robust service offerings will further strengthen our presence in the UK, western Europe and the US, as well as position us for continued growth.”

The Kentro Group as well as each of its business units will operate as usual following the deal closing and will be led by the same leadership team. 

Furthermore, Kentro Group CEO Colin Thompson will continue to spearhead the business and will work with the senior leadership team at Brown & Brown.

Thompson said: “Coming together with Brown & Brown will serve as a business enabler and a catalyst for continued success for our Kentro colleagues, customers and capacity providers.”

Spread over 500 locations globally, Brown & Brown provides risk management offerings to people and businesses.

The latest development comes days after Brown & Brown (Europe) acquired UK-based insurance broker Berkeley Insurance.