Risk and reinsurance specialist Guy Carpenter & Co. announced an agreement to buy all the shares of United Kingdom-based reinsurance broker Rattner Mackenzie Limited from HCC Insurance Holdings Inc.

Rattner Mackenzie places HCC’s insurance programs in the London market, as well as servicing a number of third-party clients. HCC is headquartered in Houston, Texas, with offices in five countries.

Financial terms of the transaction were not disclosed by either company.

Peter Zaffino

In a statement, Guy Carpenter said the transaction is consistent with its “strategy to supplement organic growth with targeted acquisitions.

“We have great respect for HCC and its management team and are extremely proud to become a major trading partner as a result of this transaction,” said Peter Zaffino, president and CEO of Guy Carpenter, in a statement. “The acquisition of RML is further demonstration of our strategy to build our capabilities in the specialty sector.”

John N. Molbeck Jr., president and CEO of HCC Insurance Holdings, added that the transaction allows his company “to focus on its core businesses while enabling RML to develop its business proposition in conjunction with Guy Carpenter, which we believe to be an ideal home for RML.”

“We consider Guy Carpenter to be a premier reinsurance intermediary and we are delighted to further our trading relationship with them as a result of this transaction,” Molbeck said.

The transaction is expected to close by the end of the month, following regulatory approvals and satisfaction of other closing conditions, Guy Carpenter said.

Headquartered in New York, N.Y., Guy Carpenter operates 50 offices worldwide as a subsidiary of reinsurance intermediary Marsh & McLennan Cos.