Bridge Specialty to acquire Singapore-based insurance broker Acorn
Brown & Brown Europe’s wholesale and specialty brokerage group, Bridge Specialty International, has agreed to acquire Singapore-based insurance broker Acorn International Network Pte Ltd.
Licensed by the Monetary Authority of Singapore, Acorn is led by founder and CEO David Ong, who holds over 45 years of experience in the industry, including previous tenures at Willis (Singapore) and Marsh and McLennan (Singapore).
The transaction is expected to be completed in the first quarter of 2024, subject to certain closing conditions, including receipt of regulatory approval from the Monetary Authority of Singapore.
Ong and his team are set to continue running the business post-transaction.
According to Brown & Brown, the acquisition will enable Bridge Specialty International to establish a presence in the Singapore insurance hub and expand its Asia platform, which currently comprises Capstone Insurance Brokers Limited, a Hong Kong-based specialist financial lines and digital asset insurance specialist.
The business will report to Tim Coles, CEO of Bridge Specialty International, who commented, “Acorn is a well-respected and long-established insurance broker in Singapore. David Ong and his team have an outstanding reputation for client engagement and service quality.
“We are delighted to partner with them and for David and his team to lead our entry into the Singapore market. David’s experience and connections will significantly advance our ambitions to grow in Asia.”
Ong added, “Joining Bridge Speciality International and Brown & Brown marks a significant milestone for our team and opens up limitless possibilities for our future. Being part of one of the largest global insurance intermediary groups, we are poised to unlock unmatched opportunities for our clients, staff, and business growth.”
“I am thrilled by the prospects of this acquisition and am genuinely excited about the journey ahead. Together, we will embark on a path of shared success, innovation, and expansion.
“This strategic move reinforces our commitment to providing unparalleled value to our clients and positions us at the forefront of our industry.”
