BGC Partners, Inc., a global brokerage and financial technology company, announced it has completed the acquisition of Ed Broking Group Ltd., the London-based independent Lloyd’s broker.
BGC acquired 100 percent of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China as well as Ed’s German marine broking arm Junge & Co. Versicherungsmakler GmbH. The deal also includes Ed’s UK-based managing general agent Globe Underwriting Ltd., Epsilon Insurance Broking Services Pty Ltd in Australia, and Paris-based Cooper Gay (France) SAS.
Financial details of the transaction, which was first announced in October 2018, were not disclosed.
Ed will become part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Ltd. Steve Hearn, currently group CEO of Ed, will become head of BGC’s insurance division. Hearn will report directly into Shaun D. Lynn, president of New York City-headquartered BGC Partners.
“We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC’s success in growing the insurance brokerage business,” commented Lynn.
Ed specializes in various product areas, including accident and health, aerospace, cargo, energy, financial and political risks, marine, professional and executive risk, property and casualty, specialty and reinsurance.
Source: BGC Partners
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