Ed, the global reinsurance, wholesale and specialty broker, today announced that a subsidiary of BGC Partners, Inc (“BGC”), a global brokerage and financial technology company, has agreed to acquire Ed Broking Group (“Ed”), subject to a number of conditions, including regulatory approvals.
Under the terms of the agreement, a subsidiary of BGC will acquire 100% of Ed which includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm, Junge, in addition to its MGA operations: Globe Underwriting based in the UK, Epsilon which has offices in Australia and Cooper Gay France based in Paris.
The agreement sees the expansion of the BGC insurance division which was first established in 2017 when it acquired Besso Insurance Group Limited (“Besso”), a Lloyd’s broker with operations in UK, Brazil, Dubai and Brazil.
Shaun D. Lynn, President of BGC Partners, commented on today’s announcement: “We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd’s of London broker with a global footprint. It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the Company”.
Steve Hearn, Group CEO of Ed, said “To be able to announce the agreement with BGC is tremendously satisfying, given their ambition and appetite for growth. We feel that the best fit and the strongest future for us is with BGC, one of the leading brokerage firms in the world. With them, we are poised to make the next leap forward to redefine insurance broking.”
Notes to editors
About Ed Broking Group
Ed is a truly global insurance and reinsurance provider with offices in the world’s key regional and global insurance centres. The group’s broking business is a leading independent Lloyd’s broker, and employs some of the best and most experienced people in the industry with expertise in all major lines of business. The group’s MGA division operates in the UK, France, Australia and Germany.
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About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial technology company. BGC offers Real Estate Services through its publicly traded subsidiary Newmark Group, Inc. (“Newmark Group”). BGC’s Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC’s Financial Services customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners,https://www.linkedin.com/company/bgc-partners, and/or http://ir.bgcpartners.com.
Discussion of Forward-Looking Statements about BGC Partners and Newmark
Statements in this document regarding BGC and Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, BGC and Newmark undertake no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s and Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in these filings and any updates to such risk factors contained in subsequent Forms 10-K, Forms 10-Q or Forms 8-K.
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