BGC Partners has completed the acquisition of London-based reinsurance, wholesale and specialty broker Ed, three-months after the deal was first announced.
The deal sees an expansion of BGC’s insurance division which was established last year after it acquired Besso Insurance Group Limited, a Lloyd’s of London broker with operations in the UK, Brazil and Dubai.
Ed will become part of BGC’s insurance division while Steve Hearn, currently Group CEO of Ed, will become head of BGC’s insurance division.
Hearn will report directly to Shaun Lynn, president of BGC Partners.
With the addition of Ed’s brokers and back office personnel, Ed and Besso are expected to place roughly $2bn of premium in 2018, and have approximately 300 combined brokers that operate across 10 countries.
“We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC’s success in growing the insurance brokerage business,” said Lynn.