Bridge Specialty International, Brown & Brown Europe’s wholesale and specialty brokerage group, announced that it has agreed to acquire Singapore-based insurance brokerage company Acorn International Network Pte Ltd.
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. Financial details of the transaction were not disclosed.
Founded in April 2011, Acorn is licensed by the Monetary Authority of Singapore and 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 Marsh and McLennan. (Singapore). David and his team will continue to operate the business post-transaction.
With this acquisition, Bridge Specialty International establishes a presence in the key insurance hub of Singapore and is currently comprised of Capstone Insurance Brokers Ltd., a Hong Kong-based specialist financial sector and digital asset insurance company. 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.
“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,” said Tim, CEO of Bridge Specialty International. Coles commented. “We are delighted to partner with them and have David and his team lead our entry into the Singapore market. David’s experience and connections will greatly advance our ambitions to grow in Asia. Sho.”
“Joining Bridge Specialty International and Brown & Brown is an important milestone for our team and opens up endless possibilities for our future,” said Acorn Founder and Chief Executive Officer. CEO David Ong said. “As part of the world’s largest insurance brokerage group, we are poised to deliver unparalleled opportunities for growth for our clients, our people and our businesses. ”
About Brown & Brown (Europe) Ltd.
Brown & Brown (Europe) Ltd. operates retail broking, specialist 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.
Source: Brown & Brown (Europe)
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