Wholesale and reinsurance brokerage Cooper Gay Swett & Crawford has acquired 100% Sydney-based Epsilon Insurance Brokers from its co-founders and shareholders Peter and Lynn O’Shea.
underwriting manager David Kleinhans will take over from Mr O’Shea as CEO of the company to lead the broader underwriting platform initiative. He has more than 30 years’ experience in the insurance industry. He joins the company on 17 February.
Mr O’Shea will remain in the group. He said was proud to have led the Epsilon team and was confident would thrive under Kleinhans’ leadership.
“The wider resources and support of the CGSC Group will allow David to develop further products that will enhance Epsilon’s client offering,” he continued. “I look forward to working with CGSC and David, and continuing to do business with our valued clients.”
Commenting on the acquisition, Toby Esser, Group CEO of CGSC said he was delighted with the acquisition, which complements the group’s existing platform in the region.
Esser also hinted at plans to make more acquisitions in Australia: “The Australian market presents significant opportunities and I look forward to the continued growth and development of the company through the planned addition of individuals, teams and books of business, many of which David has already identified.”