BLG and Clydes set to shake up UK top ten with possible merger
06 Jun, 2011
The UK top ten is set for a change around if a planned merger between Barlow Lyde & Gilbert (BLG) and fellow insurance firm Clyde & Co, goes ahead, according to The Lawyer.
Clydes chief executive Peter Hasson said the deal needs ‘serious consideration’ given the impact it would have in the insurance market, and it has been reported that the two firms have been discussing the possibility of merging for several months.
A statement from BLG chief executive David Jabbari said that the firm had been exploring a number of different merger options, and that a merger with Clydes has ‘obvious potential’.
For the 2010-11 financial year BLG posted a 17 per cent rise in turnover, up to £94.5m from £80.8m in 2009-10, while Clydes posted revenues of £212m up from £192m a year earlier.
The proposed partnership would make a large impact on the insurance legal market, leaving firms such as Kennedys, which posted revenues of £88.2m 2009-10, and Holman Fenwick Willan, with revenues of £112.5m in 2010-11, behind.