HOUSTON--(BUSINESS WIRE)--J.H. Blades & Co., Inc. (www.jhblades.com), the leading US upstream oil and gas energy Managing General Agent (MGA), has bought rival wholesale broker Burke-Daniels Co. Inc. Terms of the deal were not disclosed.
Part of Cooper Gay Swett & Crawford (CGSC), one of the world’s largest independent global wholesale, underwriting management and reinsurance broking groups, J.H. Blades will now place in excess of $250m of property, control of well and casualty premiums via contract and open brokerage into the US and London markets each year.
Richard Martin, CEO of J.H. Blades said: “We source nearly 20% of the US-based upstream oil and gas premium at Lloyd’s each year via long-established contracts placed by London brokers including CGNMB. We have additional contracts in place in the US and, with the open market contacts introduced by the Burke-Daniels team, our retailers can now access 95% of the relevant capacity in the market.”
Bob Daniels, President of Burke-Daniels, will join J.H. Blades as Executive Vice President and play a senior role in CGSC North America’s long-running energy practice group. The move will mark a homecoming for Daniels who joined J.H. Blades after college before leaving to co-found Burke-Daniels in 1981.
Bob Daniels said: “For 34 years our team has offered the sensible alternative to J.H. Blades’ products and it’s time for us to offer retail brokers the best of both worlds. A lot has happened since I began my career working for Mr. Blades, but Richard and his team have upheld the traditions I both learned at J.H. Blades and have upheld at my own firm. Together we look forward to offering the absolute best in class products and customer service.”
The Burke-Daniels team has begun moving into the J.H. Blades offices in Houston, Texas. Combined, the staff of J.H. Blades now has over 550 years of experience in the upstream oil and gas insurance markets.
Tom Ruggieri, CEO of CGSC North America said: “Energy has been a successful product practice group for us with JHB and Swett & Crawford as market leaders for decades. We serve over 1,600 insureds in the industry and, especially given the state of oil and gas pricing, this expansion signals our long-term commitment to this market. Burke-Daniels clients also stand to gain a lot from access to our casualty and professional lines products and to the rest of our global platform. With this enlarged team in place, we look forward to driving growth and new product innovation.”
Burke-Daniels was advised by Cory Moulton.
About Cooper Gay Swett & Crawford
Cooper Gay Swett & Crawford (CGSC) is one of the world’s largest independent global wholesale and reinsurance broking groups. The Group has a network of 60 offices across the Americas, Europe, Asia, and Australasia, employing over 1,400 skilled professionals. Visit www.cg-sc.com or www.swett.com.