Ed, the global reinsurance, wholesale and specialty broker, today announced that a subsidiary of BGC Partners, Inc (“BGC”), a global brokerage and financial technology company, has agreed to acquire Ed Broking Group (“Ed”), subject to a number of conditions, including regulatory approvals.
Under the terms of the agreement, a subsidiary of BGC will acquire 100% of Ed which includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm, Junge, in addition to its MGA operations: Globe Underwriting based in the UK, Epsilon which has offices in Australia and Cooper Gay France based in Paris.
The agreement sees the expansion of the BGC insurance division which was first established in 2017 when it acquired Besso Insurance Group Limited (“Besso”), a Lloyd’s broker with operations in UK, Brazil and Dubai.
Shaun D. Lynn, President of BGC Partners, commented on today's announcement: “We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd’s of London broker with a global footprint. It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the Company”.
Steve Hearn, Group CEO of Ed, said “To be able to announce the agreement with BGC is tremendously satisfying, given their ambition and appetite for growth. We feel that the best fit and the strongest future for us is with BGC, one of the leading brokerage firms in the world. With them, we are poised to make the next leap forward to redefine insurance broking.”