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About Lockton
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Bakkavör Group
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It’s a convenience the world is hungry for. Ready meals. Tasty, freshly prepared hot entrees and chilled salads handily available in local food markets. Their leading provider is the Bakkavör Group, a firm with headquarters in Reykjavik, a formidable retail presence in the United Kingdom, and an appetite for global expansion.
THE TASTE OF SUCCESS
In 2007 the Bakkavör Group began looking for a new broker partner to handle the risks associated with their plans for aggressive growth. The impetus, according to David Lawrence, head of insurance and property at Bakkavör, was to find a broker with a similar mindset, "We’re the number one food producer for the retail sector in the UK. We needed a number one broker as well."
He adds, "What we got was a true team—and a true partnership. They immediately saved us 20 percent in premium costs. That’s between four and five million dollars annually."
TELL IT LIKE IT IS
Joe Punnett, mergers and acquisitions, appreciates Lockton’s plain talk. "It’s not technical jargon. We have confidence in what they tell us."
He offers workers’ comp as an example. Of small concern in the UK, Bakkavör would soon discover it would be a key issue in their expansion to the United States, which David describes as "two nations separated by a common language."
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Joe Punnett, Mergers and Acquisitions Director
David Lawrence, Head of Insurance and Property
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| Bakkavor Group, a leading international food manufacturer with a taste for expansion, gets risk management, P&C and M&A advice from Lockton. |
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Lockton helped prepare them for the more litigious mindset in the States and such areas of risk as product recall and contamination.
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