CFC, the London-based specialist insurer, announced it has agreed to acquire Australian managing general agent, Solution Underwriting.
Financial details of the deal, which is expected to complete on April 30, 2024, were not disclosed.
CFC has been trading in Australia for more than two decades, quickly becoming the top cyber insurance provider in the region. In 2021, the business established its first Australian office with the acquisition of Insane Technologies, expanding its in-house cyber incident response capabilities in the region. With the acquisition of Solution, CFC will have five local offices and nearly 100 staff on the ground in Australia.
Headquartered in Melbourne, with offices in Sydney, Brisbane and Perth, Solution is a leading specialist insurance underwriter focusing largely on financial lines insurance products. With over 14 years’ experience in the Australian market, Solution has a broad broker distribution network and a long history of serving small and mid-sized businesses across the country.
“The team at Solution are a great fit for CFC – they bring an established footprint and an entrepreneurial, innovative culture similar to our own. We look forward to working with them to accelerate our combined Australian business,” commented Louise O’Shea, CFC Group CEO.
In addition to its London headquarters, CFC has offices in New York, San Francisco, Austin, Brussels and Brisbane. The managing general agent employs more than 900 employees and operates in 90 countries.
Source: CFC
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