HPS Hercules Props.

RNS Number:7736Y
Hercules Property Services PLC
18 May 2004


0700, 18th May 04
  
                       Hercules Property Services plc
                                  ("Hercules")

                        Merger of insurance subsidiaries

Hercules, the property insurance, management and services company, announces
today that it will merge its Cadogan and Deacon property insurance broking
subsidiaries, on 1st July '04. The new company, which will be called Cadogan
Insurance Services (incorporating Deacon Insurance Services), will be a top
three UK property insurance broker, with gross premium in excess of #30 million.

At present, Cadogan deals principally with commercial property insurance, whilst
Deacon focuses primarily on residential property insurance and, in particular,
blocks of flats. The merger will provide the new company with a larger presence
in the property insurance market, facilitate the cross generation of business
leads between the two organisations, improve the company's overall offering to
its clients and provide back office cost savings. David Oatley, Chairman of
Cadogan Insurance Services Limited, will spearhead the integration of the
businesses.

Rob Plumb, Managing Director of Hercules, commented:
"This is an important step for us and takes us closer to our ambition of
becoming the foremost property insurance broker in the UK. We believe the
bringing together of the two skill sets will provide us with a stronger
offering, which will encourage the generation of new business leads and enhance
the overall performance of the Group."

For further information:
Robert Plumb, Hercules Property Services plc:                      020 8420 7600
David Oatley Chairman Cadogan Insurance Services Ltd:              020 7747 8118
Richard Sunderland, mj2 ltd:                                       020 7491 7776


          

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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