Lockton Expands Australia Operation with Melbourne Broker Acquisition

Lockton announced that it has expanded its operations on Australia’s East Coast with the acquisition of niche insurance brokerage firm Strategic Insurance & Risk Solutions, owned by insurance industry leader Colin Smith.

Terms of the agreement were not disclosed

Lockton said its “insurance and risk management team in Melbourne will serve corporate clients based in Australia as well as global clients with operations in the country. The new Melbourne team will complement Lockton’s existing commercial insurance client service team in Perth and Sydney.

“In addition to the Strategic team, Lockton has added Paul Bradley, the former Corporate Victorian State Manager for international broker Marsh, to join the new risk management consulting operation in Melbourne.”

Lockton Australia CEO Adam Rhodes said that both the acquisition of Strategic and the employment of Mr. Bradley were a coup for Lockton Australia given the enormous experience of both and the enviable clientele Mr. Smith has developed.

Rhodes added that Smith “has built an outstanding risk and insurance business which adds to Lockton Australia, not just geographically, but in sheer terms of knowledge and experience.” He also said “Bradley will also provide an enormous advantage to the business having held very senior roles in the insurance industry in Melbourne for more than 15 years.”

Smith, who will join Lockton as an Executive Manager, said he and his team are delighted to become part of the unique offering provided by Lockton, describing it as a fantastic opportunity for my clients, staff and me. We are joining a broking company that provides all of the advantages of a major international firm with the agility and cohesiveness of a locally owned and managed company.”

Strategic will commence trading as Lockton immediately from Strategic’s offices at 9-11 Claremont Street, South Yarra.

Source: Lockton

Topics Mergers & Acquisitions Agencies Australia