Brokers

Brown & Brown snaps up Singapore broker led by former Marsh CEO

Brown & Brown Europe’s wholesale and specialty brokerage group, Bridge Specialty International, has acquired a Singapore-based insurance broker to expand its presence in Asia.

Bridge has agreed to acquire Acorn International Network. The transaction is expected to be completed in the first quarter of 2024, subject to certain closing conditions and regulatory approval from the Monetary Authority of Singapore. 

Established in April 2011, Acorn is led by founder and CEO David Ong, who has over 45 years’ experience in the industry, including previous senior positions at Willis (Singapore) and formerly as CEO Marsh and McLennan (Singapore). Ong and his team will continue to run the business post-transaction.

The acquisition will enable Bridge Specialty to establish a presence in the Singapore insurance hub and expand its Asia platform, which currently comprises Capstone Insurance Brokers, a Hong Kong-based specialist financial lines and digital asset insurance specialist. Acorn and Capstone will work closely together to grow in their areas of specialisation in both Singapore and Hong Kong.

The business will report to Tim Coles, CEO of Bridge Specialty International, who said: “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.”

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