The deal is expected to complete on 30 April 2024.
CFC has been trading in Australia for more than two decades, quickly becoming the top cyber insurance provider in the region. In 2021, the business established its first Australian office with the acquisition of Insane Technologies, expanding its award-winning in-house cyber incident response capabilities in the region. With the acquisition of Solution, CFC will have five local offices and nearly 100 staff on the ground in Australia.
“Australia is a fast-growing, dynamic market and we’re excited for the opportunity to continue investing in the region," said CFC Group CEO, Louise O’Shea. "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."
Headquartered in Melbourne, with offices in Sydney, Brisbane and Perth, Solution is a leading specialist insurance underwriter focusing largely on financial lines insurance products. With over 14 years’ experience in the Australian market, Solution has a broad broker distribution network and a long history of serving small and mid-sized businesses across the country.
“CFC is an innovative, market-leading insurance business with a strong reputation in Australia and abroad," commented Rhys Mills, Managing Director of Solution Underwriting. "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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