CFC, a UK-headquartered specialist insurance provider, has announced its intention to acquire Australian underwriting agency, Solution Underwriting. The transaction is scheduled for completion on April 30, 2024.
CFC has been active in the Australian market for over two decades. In 2021, the company expanded its local operations by acquiring Insane Technologies, which enhanced its cyber incident response capabilities.
With the acquisition of Solution Underwriting, CFC’s Australian footprint will include five offices and nearly 100 employees.
CFC group CEO Louise O’Shea highlighted the strategic value of the Australian market.
“Australia is a fast-growing, dynamic market, and we’re excited for the opportunity to continue investing in the region,” she said. “The team at Solution are a great fit for CFC – they bring an established footprint and an entrepreneurial, innovative culture similar to our own. We look forward to working with them to accelerate our combined Australian business.”
Based in Melbourne and with additional offices in Sydney, Brisbane, and Perth, Solution Underwriting specialises in financial lines insurance products. Established 14 years ago, the company has a strong distribution network across Australia and a track record of serving small to mid-sized enterprises.
Rhys Mills, managing director of Solution Underwriting, expressed enthusiasm about joining forces with CFC.
“CFC is an innovative, market-leading insurance business with a strong reputation in Australia and abroad,” he said. “We’re excited to join CFC and deliver our customers access to a broad suite of specialist insurance solutions backed by cutting-edge technology and a global team of experts.”
The announcement of the acquisition follows CFC’s decision to enter the Australian carbon market by launching a new offering.
