Bridge Specialty International, Brown & Brown Europe’s wholesale and specialty brokerage group, has agreed to acquire Singapore-based insurance broker Acorn International Network.
The transaction is expected to close in the first quarter of 2024, subject to certain closing conditions, including receipt of regulatory approvals from the Monetary Authority of Singapore.
With this acquisition, Bridge Specialty International establishes a presence in the key insurance hub of Singapore and currently comprises Capstone Insurance Brokers, a Hong Kong-based financial sector and digital asset insurance specialist. This will enable us to expand our Asian platform. Acorn and Capstone will work closely together to grow in their respective areas of expertise in both Singapore and Hong Kong.
Founded in April 2011, Acorn is licensed by the Monetary Authority of Singapore. It is led by Founder and CEO David Ong. He has over 45 years of experience in the industry, including senior positions at Willis (Singapore) and former CEO of Marsh & McLennan (Singapore). Ong and his team will continue to operate the business after the transaction.
The business will report to Tim Coles, CEO of Bridge Specialty International. Coles said in his statement: “Acorn is a well-established and well-established insurance broker in Singapore. David Ong and his team have an excellent reputation for customer engagement and service quality. We are delighted to be leading our entry into the Singapore market. David’s experience and connections will greatly advance our ambitions to grow in Asia.”
Mr. Ong further added, “Joining Bridge Specialty International and Brown & Brown is an important milestone for our team and opens up endless possibilities for our future. As part of the Insurance Brokerage Group, we are poised to deliver unparalleled opportunities for our clients, staff and business growth.”
Brown & Brown (Europe) operates retail brokerage, specialty MGA, network and Lloyd’s businesses, enabling us to meet the growing insurance and risk management needs of our clients. Brown & Brown (Europe) is an operating unit of the Retail division of Brown & Brown, Inc.
Listed in New York Brown & Brown, Inc. is a leading insurance brokerage providing risk management solutions to individuals and businesses since 1939.