Lockton snaps up large marine broker for international expansion
Global re/insurance broker Lockton has expanded its specialty capabilities and Scandinavian footprint with the acquisition of a large independent marine broker with offices in Singapore, Hamburg, London, Copenhagen, Oslo and Bergen.
It has entered into an agreement to acquire the Edge Group, which it said is the “largest independent marine broker in the Scandinavian market”, with an estimated 2 percent share of the global marine insurance market.
The transaction is in line with Lockton’s strategy to accelerate its international expansion across specialty sectors with the addition of territorial and unique product capabilities.
Lockton believes the acquisition will complement its existing marine footprint in the Mediterranean and Singapore and will significantly strengthen its presence in Norway.
It noted that since the acquisitions of PL Ferrari and Omni the company has seen considerable growth in its global marine operations and has attracted some of the best marine broking talent in Hong Kong and Singapore to New Orleans and Miami, serving clients locally, regionally and globally.
Ron Lockton (pictured), executive chairman of Lockton, said: “We continue to build Lockton with a clear focus on meeting client needs, preserving the best culture in the industry and perpetuating our private ownership. This acquisition will deliver value for our clients in the maritime industry by expanding our footprint in an important marine marketplace. More importantly, we’re acquiring a fantastic company and an incredible team with shared beliefs that align with the Lockton culture. We’re thrilled to welcome the Edge team to the Lockton family.”
Alistair Rivers, global head of marine at Lockton, added: “This acquisition builds upon and enhances our Global Marine strategy which has seen us grow significantly over the last five years. We have been able to attract the very best people to serve our clients whilst also growing our client portfolio. We are proud to serve the maritime industry and we see so many opportunities for the future.
Tom Midttun, CEO of Edge Group, said: “As a privately-owned business, Lockton’s independence and family ownership was a key advantage. It allows for long-term business planning, rather than being driven by the quarterly pressures of the financial markets, which we fundamentally believe benefits clients.
“We have built our business on teamwork and promote an open, yet highly professional culture, underpinned by deep specialist knowledge. These shared values with Lockton will enable our partners to continue to add value for our clients while drawing on Lockton’s global resources to deliver the very best results.”
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