US insurance firm acquires Guiseley motorsport specialist
Guiseley-based specialist insurance broker MIS Motorsport has been acquired by private US insurance firm Lockton.
Lockton, based in Kansas City, and MIS Motorsport completed the transaction on June 1 2014 after receiving regulatory approval. Terms of the transaction were not released.
MIS Motorsport is a privately held specialist broker with 10 staff in the U.K. Its founder, Dermot Hanafin, started the niche motorsport insurance brokerage business in 2007 who is also an amateur rally driver currently preparing to participate inthe 2015 Dakar Rally.
MIS Motorsport has a presence in the UK, Europe, and the Far East where it is a recognised brand across every market segment from Formula 1 to Karting, and the World Rally Championship through to Club Rallies.
Lockton companies LLP partner Paul Jack commented, “Combining MIS Motorsport and our own business will make Lockton the leading insurance and risk advisor to the UK motorsport industry.
“Culturally, the businesses are well aligned with a mutual desire for global growth, a compelling offering to the motorsport industry, and a shared passion for customer service.
“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.”
Dermot Hanafin said: “I am excited to be joining Lockton. Lockton’s customer-focused approach, passion for the motorsport industry, and global platform make for a great match with the expertise of MIS Motorsport. We look forward to future growth and the development of the MIS, Lockton Motorsport brand on the worldwide stage.”
Paul Johnson and Sandip Khroud from the Leeds office of national law firm, Irwin Mitchell, advised MIS Motorsport on the deal.
Paul Johnson, corporate partner at Irwin Mitchell, said: “This is an important deal in the motorsport insurance sector and strategically it makes sense for both businesses.
“Lockton will benefit from Dermot’s expertise in the sector, whilst MIS will have an opportunity to develop and grow its market share. We are delighted to have been involved in this deal and wish the combined business a successful future.”