Paragon International Insurance Brokers (Paragon), the specialist professional and financial lines broker and subsidiary of PSC Insurance Group Limited (PSC) (ASX: PSI) is pleased to announce that it has acquired 100% of the share capital of insurance broker Cox Mahon.
Founded in 1996 and based in Shrewsbury and London, Cox Mahon is a leading independent insurance broker with an excellent reputation for providing innovative, value-added insurance and risk management solutions for professionals, farms & estates and commercial and residential property owners. Cox Mahon is best known for providing specialist professional indemnity (PI) products and services for solicitors and property professionals as well as specialist insurance for private clients.
Cox Mahon’s 14 staff provide in-depth market knowledge and exceptional professional, personal service to their UK-wide clients. Cox Mahon provides Paragon a wider footprint in the UK professions PI space, building on Paragon’s market-leading position and broadens Paragon’s and PSC UK’s commercial product offering to its growing customer base.
Cox Mahon founders Richard Amphlett and Andrew Kenyon will continue to lead the business and Paragon co-CEO James Kalbassi, and COO Bradleigh Barker will join the Cox Mahon board.
Kalbassi said: “Paragon’s combination with Cox Mahon will greatly add to the expertise and resources within our UK business and will enhance our position in the UK professions professional indemnity sector. Richard Amphlett, Andrew Kenyon and Nina Petty have built an impressive, customer-focussed business over two decades and we are very pleased to be partnering with the whole team at Cox Mahon.”
Amphlett, managing director of Cox Mahon, added: “As a specialist insurance broker, a key element of our long-term strategic plan was to find a partner to help propel the development of Cox Mahon through enhanced products, services and resources, along with broader and deeper market access. These are key elements to help us to deliver optimum solutions to our existing clients, as well as providing us with the platform to develop new client relationships.
“Partnering with PSC/Paragon to enable this is exactly what we had been looking for, as their approach to client service is the mirror image of ours. Early on in our discussions, it became evident that we shared a common value set, which are centred around delivering the best client outcomes. Andrew, Nina and I are very excited to be working with PSC/Paragon to continue to build Cox Mahon in the coming years, and welcome James and Brad to our board.”
The combination was completed, including all necessary regulatory approvals on 2 August 2024. Cox Mahon were advised by Resolution Partners. Terms of the transaction are undisclosed.