London-based management consulting business r10 Consulting has been acquired by technology and consulting services provider Alchemy Technology Services. After being purchased for an unknown sum, r10 Consulting will be merged with Alchemy, and the two companies will introduce a new brand called Alchemy London Market.

With its headquarters located in the Lloyd's of London building, the company will provide a range of services to the insurance industry, including consulting services for reinsurers, brokers, and managing general agents (MGAs) that will center on development, operations, and technology.

Alchemy claims that the purchase will benefit the company in a variety of ways, including through increased access to markets, a greater range of services, and the capacity to use integrated technological solutions. Alchemy Technology Services is a Northern Ireland-based company that was established in 2018. More than 200 individuals work there.

"The amalgamation of r10 Consulting symbolises our integrated approach and commitment to providing innovative solutions to the London insurance market," remarks Amechi Pierce Howe, head of global specialist at Alchemy London industry, in response to the announcement. We want to be closer to the center of the insurance business so that we can directly influence and define its future, which is why we are at Lloyd's. It's not simply a simple location move.

John Harkin, CEO of Alchemy London Market, continues, "A major milestone for us is opening an office at Lloyd's of London." It is evidence of our development, our team's diligence, and our desire to leave a lasting impression on the insurance sector.