Bridge Specialty International, Brown & Brown Europe's wholesale and specialty brokerage group, has announced its intention to acquire Singapore-based insurance broker Acorn International Network.
This acquisition, subject to regulatory approval from the Monetary Authority of Singapore (MAS) and other closing conditions, is expected to be finalised in the first quarter of 2024.
This acquisition also marks a strategic expansion for Bridge Specialty International, enabling it to establish a footprint in Singapore's crucial insurance hub. The firm currently operates in Asia through Capstone Insurance Brokers Limited, a Hong Kong-based specialist in financial lines and digital asset insurance. The collaboration between Acorn and Capstone aims to strengthen their specialisation areas in both Singapore and Hong Kong.
Acorn, established in April 2011 and licensed by MAS, is led by founder and CEO David Ong. He brings over 45 years of industry experience, including senior roles at Willis (Singapore) and as former CEO of Marsh and McLennan (Singapore). Ong will continue to manage the business after the transaction.
“Joining Bridge Speciality International and Brown & Brown marks a significant milestone for our team and opens up limitless possibilities for our future,” Ong said. “Being part of one of the largest global insurance intermediary groups, we are poised to unlock unmatched opportunities for our clients, staff, and business growth.”
As part of the transaction, Acorn will report to Bridge Specialty International CEO Tim Coles.
“Acorn is a well-respected and long-established insurance broker in Singapore,” Coles said. “David Ong and his team have an outstanding reputation for client engagement and service quality. We are delighted to partner with them and for David and his team to lead our entry into the Singapore market. David’s experience and connections will significantly advance our ambitions to grow in Asia.”
Elsewhere for its parent company, Brown & Brown has also announced its acquisition of 100% of the share capital of R McGee Insurance Brokers.
What are your thoughts on this story? Please feel free to share your comments below.
