Thomson Reuters has acquired London-based World Business Media, a B2B company focused on the insurance and reinsurance industry.
World Business Media, which also has an editorial hub in New York, owns The Insurer and its video and events businesses. It also owns ESG Insurer, Program Manager and E&S Insurer.
Reuters said its new acquisition is subscription-focused and aligns with its “strategic priority to provide must-have news and insight for new customer markets and professional verticals”.
The business will operate as part of the Reuters News division of Thomson Reuters.
Reuters president Paul Bascobert said: “Reuters produces trusted, must-have content for professionals across industries and borders.
“With this transaction, we are thrilled to extend that mission deeper into the insurance and reinsurance markets. By combining World Business Media Limited’s specialised expertise in these markets with the global scale and reach of Reuters, we believe we can help uncover greater growth, advantages and actionable insight for insurance professionals across the globe.
“We plan to invest in this business to increase its coverage and reach, and we believe we will be able to bring services of greater value to our customers in this sector.”
Currently World Business Media reaches more than 45,000 insurance professionals, according to the statement announcing the deal.
Its most recent company accounts stated it had 17 employees on average in 2022 and brought in revenue with subscriptions, advertising and events. It had net current assets of £1.8m in 2022 down from £3.4m in 2021.
Peter Hastie, managing director of World Business Media, said: “As the industry undergoes rapid change, increasing regulatory complexity, and growing severity of risks, the need for context and clarity for insurance, reinsurance and adjacent professionals has never been greater.
“Reuters is the perfect partner to achieve just that for our customers. We anticipate that we will be able to grow our business much faster together as part of Reuters than on our own.”
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