Lockton already has a presence in the UK motorsport market and in the US where it acts for a number of speedway tracks, rallies, and car clubs.
MIS Motorsport is a market leader 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.
The acquisition will strengthen Lockton’s offering in this sector and give it a winning position in the motorsport business while supporting MIS Motorsport’s expansion into the large US market.
“Combining MIS Motorsport and our own business will make Lockton the leading insurance and risk advisor to the UK motorsport industry.
“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.
“The deal is yet another example of the success Lockton’s Leeds Corporate office has had since opening in November 2007.”
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.”
The combined Lockton MIS team will be based in the north of England working out of Lockton and MIS premises in Manchester and Leeds.
Terms of the transaction were not released.
Lockton is the world’s largest privately held insurance broker with operations around the world. 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.
A 25-year veteran of the insurance business, Dermot was an amateur rally driver and still participates today, he is currently preparing to participate in the 2015 Dakar Rally.