Cyber specialist CFC buys MGA to build for Australian market growth
Global insurer provider and cyber specialist CFC has acquired an Australian managing general agent (MGA) bearing a heavy footprint in financial lines that can take the group’s nationwide presence down under to five locations and nearly 100 staff.
CFC has set its sights on Solution Underwriting, a purchase that will take its Australian presence up to five local offices and nearly 100 staff in Australia. CFC has been trading in Australia for more than two decades then established its first Australian office in 2021 with the acquisition of Insane Technologies, expanding its in-house cyber incident response capabilities in the region.
Solution Underwriting, headquartered in Melbourne, with offices in Sydney, Brisbane and Perth, has been on the Australian market 14 years as a specialist insurance underwriter focusing largely on financial lines insurance products via what CFC calls a broad broker distribution network and a history of serving small and mid-sized businesses across the country.
CFC Group chief executive officer, Louise O’Shea said: “Australia is a fast-growing, dynamic market and we’re excited for the opportunity to continue investing in the region.” O’Shea added: “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.”
Rhys Mills, managing director of Solution said: “CFC is an innovative, market-leading insurance business with a strong reputation in Australia and abroad. We’re excited to join CFC and deliver our customers access to a broad suite of specialist insurance solutions backed by cutting-edge technology and a global team of experts.”
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