Crowe Horwath LLP has merged in the London-based insurance risk consulting firm BaxterBruce Ltd., expanding the Chicago-based firm’s footprint in the United Kingdom.

By joining forces, the two firms will create one of the U.K.’s biggest risk consulting firms to the financial services industry. Financial terms were not disclosed.

Established in 2009 by Justin Baxter and Daniel Bruce, BaxterBruce specializes in risk management, capital management and regulatory change for the U.K. insurance industry. The firm has been expanding more than 20 percent each year. The two co-founders will join Crowe Horwath as principals.

“Crowe Horwath and BaxterBruce have built their businesses on similar values, which we believe is key to our success together in the future,” said Crowe Horwath Risk Consulting managing partner Steve Strammello in a statement. “I am delighted that our people and our clients globally will benefit from our two firms joining forces in the U.K.”

Crowe Horwath services some of the biggest companies in the financial services, life sciences and manufacturing industries. The firm ranked eighth on Accounting Today’s 2016 list of the Top 100 Firms, with $721.5 million in annual revenue.

The merger will expand the services that Crowe Horwath offers its clients in the U.K. and other countries and also deepen its insurance industry, actuarial and change management expertise. For BaxterBruce, the deal will give its clients greater capabilities in the key economic centers of the world.

“Joining Crowe Horwath is a great fit with our values and way of doing business,” said BaxterBruce co-founder Justin Baxter. “This move will reinforce our two firms’ leadership in the financial services industry and open up new possibilities for our team and our clients.”

“This is a natural evolution for BaxterBruce,” added the other co-founder, Daniel Bruce. “Our clients really appreciate our attention to quality and the depth of our expertise. We will now have much greater critical mass to help clients tackle a wider range of challenges, without compromising the principles on which our reputation has grown.”

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