Sonae Buys 14% Stake in Cooper Gay

The London-based Cooper Gay Group announced that SC Insurance and Risk Services, SGPS, SA, a subsidiary of the Portuguese corporation Sonae SGPS, S.A., has agreed to terms for the acquisition of approximately 14 percent of Cooper Gay (Holdings) Limited with an option to increase its holding to 28 percent.

Cooper Gay is a major independent insurance and reinsurance intermediary, “the seventh largest reinsurance broker in the world,” according to the bulletin. The Group has a global network with more than 20 offices and over 450 employees operating in countries across the Americas, Europe, Asia and Australia. Revenues in 2006 exceeded £68 million ($135.3 million and premiums handled were in excess of £600 million ($1.194 billion).

Group CEO Toby Esser commented: “Sonae has been a close business partner of Cooper Gay for a number of years. I am therefore delighted that such a prestigious company has chosen to take a minority interest in Cooper Gay. Through this investment, Cooper Gay has secured its long-term future as an independent broking operation and gained the financial resources to support its strategic growth plans.”

The terms of the transaction were not disclosed. It is also subject to competition clearance and regulatory approval.