BGC Partners grows it’s Lloyd’s broking presence by acquiring Steve Hearn’s Ed
Ed Broking Group has been acquired by a subsidiary global financial technology firm BGC Partners.
The subsidiary of BGC will acquire 100% of Ed. This includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm, Junge.
Its MGA operations will also be acquired as part of the deal, consisting of Globe Underwriting based in the UK, Epsilon which has offices in Australia and Cooper Gay France based in Paris.
BGC completed its acquisition of Besso, another London market broker, in February 2017 for some £70.5m ($87.6m) in shares and cash.
Steve Hearn, group chief executive of Ed, said: “To be able to announce the agreement with BGC is tremendously satisfying, given their ambition and appetite for growth.
“We feel that the best fit and the strongest future for us is with BGC, one of the leading brokerage firms in the world. With them, we are poised to make the next leap forward to redefine insurance broking.”
The agreement sees the expansion of the BGC insurance division which was first established in 2017 when it acquired Besso Insurance Group, a Lloyd’s broker with operations in the UK, Dubai and Brazil.
Shaun Lynn, president of BGC Partners, added: “We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd’s of London broker with a global footprint.
“It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the company.”
The deal is still subject to a number of conditions, including regulatory approvals.