CFC, a UK-based specialty insurance coverage firm, has introduced plans to amass Answer Underwriting, an Australian managing basic agent.
The acquisition is predicted to be finalised by 30 April 2024, though the monetary particulars stay undisclosed.
Answer Underwriting, headquartered in Melbourne with further workplaces in Sydney, Brisbane and Perth, specialises in monetary traces insurance coverage merchandise.
By way of a community of brokers, the corporate caters to SMEs throughout Australia.
CFC stated Answer Underwriting’s 14 years of expertise within the Australian market will complement its two-decade buying and selling presence within the area.
CFC established its first Australian workplace in 2021 by way of the acquisition of Insane Applied sciences, enhancing its cyber incident response capabilities.
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With this most up-to-date buy, CFC can have 5 workplaces and round 100 workers in Australia.
CFC Group CEO Louise O’Shea stated: “Australia is a fast-growing, dynamic market and we’re excited for the chance to proceed investing within the area. The crew at Answer are an excellent match for CFC – they carry a longtime footprint and an entrepreneurial, progressive tradition just like our personal. We look ahead to working with them to speed up our mixed Australian enterprise.”
Answer Underwriting MD Rhys Mills stated: “CFC is an progressive, market-leading insurance coverage enterprise with a powerful fame in Australia and overseas. We’re excited to affix CFC and ship our clients entry to a broad suite of specialist insurance coverage options backed by cutting-edge know-how and a worldwide crew of specialists.”
The acquisition follows CFC’s latest foray into the carbon insurance coverage market with its Carbon Supply Insurance coverage product.
CFC’s new providing supplies 100% protection for the non-delivery of voluntary carbon credit, addressing each bodily and political dangers.
