Tue, 07 May 2013 | MERGER
Plexus Law, the defendant insurance firm, is set to merge with Greenwoods, it has been confirmed.
The deal is expected to be completed in the middle of this month, but both firms have already signed heads of terms. Once combined, the £90 million firm will employ around 1,200 staff and is expected to have about 12 equity and fixed share partners.
Tim Oliver, chief executive of Parabis, commented on the deal: "This is a great deal for both firms. We have been respected competitors for many years. Together we have greater strength in depth and capability the better to serve our clients in this rapidly developing market."
Malcolm Henké, Greenwoods partner, will become a senior partner in the merged firm. Richard Houseago, a fellow partner, will also join the executive management team of the merged company, Plexus Law.
Meanwhile, Greenwoods senior partner Paul Parsons is due to take a step back from the day-to-day management of the company but will still be involved in projects to assist with integrating the two companies.
Combining the two companies should give the resulting merged business a stronger market position, but it is also aimed at building Parabis' position in the lucrative Lloyd's of London insurance market, in particular, thanks to the addition of Greenwoods' expertise in pure insurance coverage, major property damage and catastrophic loss claims.
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