Bridge Specialty Worldwide has agreed to amass Acorn Worldwide Community, a Singapore-based insurance coverage dealer, for an undisclosed sum.
Acorn, established in April 2011, is licensed by the Financial Authority of Singapore (MAS) and is led by founder and CEO David Ong.
Ong, with greater than 45 years of expertise within the insurance coverage business, has held senior positions at Willis Singapore and served as CEO of Marsh and McLennan Singapore.
Submit-transaction, Ong and his crew are set to proceed managing the enterprise.
Bridge Specialty is the wholesale and specialty brokerage unit of Brown & Brown Europe.
The transfer is aimed toward establishing Bridge Specialty’s presence in the important thing Singapore insurance coverage hub and increasing its platform throughout Asia.
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Presently, its Asian operation consists of Capstone Insurance coverage Brokers, a Hong Kong-based firm specialising in monetary traces and digital asset insurance coverage.
Acorn and Capstone are anticipated to collaborate intently to foster development of their respective areas of specialisation inside each Singapore and Hong Kong markets.
Bridge Specialty Worldwide CEO Tim Coles stated: “Acorn is a well-respected and long-established insurance coverage dealer in Singapore. David Ong and his crew have an excellent fame for consumer engagement and repair high quality.
“We’re delighted to associate with them and for David and his crew to steer our entry into the Singapore market. David’s expertise and connections will considerably advance our ambitions to develop in Asia.”
Ong added: “Becoming a member of Bridge Speciality Worldwide and Brown & Brown marks a big milestone for our crew and opens up limitless potentialities for our future. Being a part of one of many largest world insurance coverage middleman teams, we’re poised to unlock unmatched alternatives for our purchasers, employees and enterprise development.”
The acquisition is topic to regulatory approval from MAS and is anticipated to be accomplished within the first quarter of 2024.
In December 2023, Brown & Brown (Europe) acquired R McGee Insurance coverage Brokers (R McGee), a private and industrial traces dealer.
