BGC Partners Completes Acquisition of Ed Broking Group Limited
BGC Partners, Inc. has announced that it has completed the acquisition of Ed Broking Group Limited (“Ed”)...
Shaun D. Lynn, President of BGC Partners, commented on today's announcement: “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.”
Ed will become part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Limited (“Besso”). Steve Hearn, currently Group CEO of Ed, will become Head of BGC’s insurance division. Mr. Hearn will report directly into Mr. Lynn.
Under the terms of the agreement, BGC acquired 100% of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China; Ed’s German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed’s managing general agent (MGA) operations Globe Underwriting Limited based in the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in Paris.