Latitude founders Tom Fulford-Smith, Vanessa Toucas, Andrew Brooker and Charles D’Alton have acquired full ownership of the business from Cooper Gay Swett & Crawford an international wholesale and reinsurance group.
Financial terms of the deal are not being disclosed but the MBO is seen as a step towards the expansion of Latitude, launched little more than a year ago in September 2014.
As a retail insurance broker Latitude is expected to maintain a relationship with Cooper Gay and its German operation Junge & Co.
“We are very pleased to have supported the management team at Latitude in launching and developing their business,” said Shaun Hooper chief executive of Cooper Gay Swett & Crawford International. “We will continue to work with Latitude following their management buy out and we wish them the best for the future.”
Andrew Brooker said the Latitude team were also committed to continuing the relationship with Cooper Gay. “At the same time, we are thrilled to reach the point in our business plan where we become independent,” he added.
Fulford-Smith, the son of renowned shipbroker Richard Fulford-Smith was previously with Cooper Gay. D’Alton was a Standard Club underwriter while Brooker and Toucas both came from FP Marine Risks.
