Ed Broking Group will soon have a new owner.
The company has just announced that it has reached an agreement to be acquired by BGC Partners, Inc – a global brokerage and financial technology company. The acquisition is subject to a number of conditions and regulatory approvals.
As part of the agreement, a subsidiary of BGC will acquire 100% of Ed – that includes its broking operations under the Ed brand in the UK, Hong Kong, Singapore, Dubai, Miami and China. It also incorporates the German marine broking arm, Junge, as well as its MGA operations – Globe Underwriting, based in the UK, Epsilon, which has offices in Australia, and Cooper Gay France.
“To be able to announce the agreement with BGC is tremendously satisfying, given their ambition and appetite for growth,” said Steve Hearn, the group CEO of Ed. “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.”
The agreement will also mean an expansion of BGC’s insurance division – it was first established in 2017 when it acquired Besso Insurance Group Limited, a Lloyd’s broker.
“We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd’s of London broker with a global footprint,” said Shaun D. Lynn, president of BGC Partners. “It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the company.”