NU Online News Service, June 8, 3:30 p.m. EDT

Cooper Gay Group and Swett & Crawford confirmed they are in "advanced deal discussions" on a merger that would create the world's largest independent global wholesale and reinsurance broker.

The brokerages said the two businesses would come together under a new group holding company, which would retain a high proportion of ownership by the working employees. Management of the combined group would be led by Toby Esser as group chief executive, the companies said. Mr. Esser is currently CEO of London-based Cooper Gay.

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