Insurance brokerage and risk management firm Integro, which has an office in Bermuda, is to be bought by US private-equity firm Odyssey Investment Partners for an undisclosed sum.

The acquisition is expected to be completed in the fourth quarter of this year.

Staff and operations at the Bermuda office, in the Maxwell Roberts Building on Church Street, are not expected to be impacted by the deal.

“At this time we do not expect the Bermuda platform, staff or management to be affected,” said Kareen Richardson, Integro’s office leader in Bermuda.

Integro has its headquarters in the US and further offices in Canada and the UK, as well as Bermuda.

Ms Richardson said the company had done well with its original investors but was now aiming for further growth.

“Integro has been looking at growth and our partnership with Odyssey allows us to do that,” she said.

The firm was cofounded 10 years ago by one of the insurance industry’s most respected leaders and visionaries, Bob Clements.

The late Mr Clements had strong ties to Bermuda and is said to have sketched out the initial concepts for Ace Ltd and XL Group on a cocktail napkin while midway on a transatlantic flight.

He also founded Ironshore and Arch Capital Group.

Integro was set up in 2005 with $300 million of private equity during a turbulent time for the insurance brokerage industry, which had been hit by a number of scandals.

The new company quickly established itself in a sector dominated by heavyweights such as Willis, Marsh and Aon. It is now ranked as the 25th largest global specialty broker in the world. According to Insurance Journal it is the eighth largest private broker in the US in terms of property/casualty written premium.

In recent years, Integro has bought a number of brokerage firms in the UK. It has built its specialty areas, including healthcare, entertainment, aviation, energy, trade and logistics and reinsurance.

William Goldstein, president of Integro, in a statement said: “Odyssey is an ideal partner as we build on the powerful platform our early investors helped us put in place. Odyssey’s resources and industry expertise will help accelerate the growth trajectory of our core business and specialty acquisitions.”

While Jeffrey McKibben, a managing principal of Odyssey Investment Partners, which has offices in New York and Los Angeles, said: “Integro is an extraordinary success story, and we are committed to supporting its continued development, particularly around its specialty offerings. We are enthusiastic to invest in and partner with Integro’s management team and share their strategic vision for their business and its focus markets.”

The Integro management team will remain in place and certain members of its management team and other employees will remain shareholders in the company, according to a statement from both companies.

The transaction will be subject to customary closing conditions for the acquisition of an international insurance brokerage and risk management company, including antitrust regulatory approval and approval of the UK Financial Conduct Authority.

A joint statement from Integro and Odyssey Investment Partners said: “Shareholders of Integro that control approximately 70 per cent of the shares entitled to vote on the acquisition have entered into voting agreements with the acquiring entities.”