BGC completes Ed acquisition; looks to grow insurance brokerage business
Brokerage and financial technology company BGC Partners has completed the acquisition of London-based reinsurance, wholesale and specialty broker Ed, three-months after the deal was first announced.
BGC acquired Ed from New York-based private equity firm Lightyear Capital.
As per the agreement, BGC acquired 100 percent of Ed Broking Group, which includes operations in the UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm called Junge. It has also taken over Ed's MGA operations Globe Underwriting - based in the UK, Epsilon - which has offices in Australia, and Cooper Gay France - based in Paris.
Following the completion, Ed has become a part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group.
Steve Hearn, currently Group CEO of Ed, becomes the head of BGC’s insurance division. Hearn will report directly into BGC president Shaun Lynn.
“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,” Lynn commented.
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