Brown & Brown Europe’s wholesale and specialty brokerage group, Bridge Specialty International, announced it has agreed to acquire Acorn International Network Pte Ltd., a Singapore-based insurance broker.
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. Financial details of the deal were not disclosed.
Established in April 2011, Acorn is licensed by the Monetary Authority of Singapore, 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). David and his team will continue to run the business post-transaction.
The acquisition will enable Bridge Specialty International to establish a presence in the important Singapore insurance hub and expand its Asia platform, which currently comprises Capstone Insurance Brokers Ltd., 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 specialization in both Singapore and Hong Kong.
“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,” commented Tim Coles, CEO of Bridge Specialty International. “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.”
“Joining Bridge Speciality International and Brown & Brown marks a significant milestone for our team and opens up limitless possibilities for our future,” said David Ong, founder and CEO of Acorn. “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.”
About Brown & Brown (Europe) Ltd.
Brown & Brown (Europe) Ltd. operates retail broking, specialist MGA, network and Lloyd’s businesses, enabling the business to serve the growing insurance and risk management needs of its customers. Brown & Brown (Europe) is an operating unit of Brown & Brown, Inc.’s Retail segment.
Source: Brown & Brown (Europe)
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