Lockton, the world’s largest independent insurance broker, has entered into an agreement to acquire the Edge Group, with offices in Singapore, Hamburg, London, Copenhagen, Oslo and Bergen, to expand its marine broking capabilities. The acquisition, for an undisclosed fee, is subject to regulatory approval and certain pre-completion conditions.
Edge Group is the largest independent marine broker in the Scandinavian market, with an estimated 2% share of the global marine insurance market. Its acquisition will complement Lockton’s existing marine footprint in the Mediterranean and Singapore and will significantly strengthen its presence in Norway.
The transaction forms a key part of Lockton’s strategy to accelerate its international expansion and demonstrates the business’s ongoing commitment to developing its proposition for clients across Specialty sectors with the addition of territorial and unique product capabilities.
Since the acquisitions of PL Ferrari and Omni, Lockton has seen considerable growth in its Global Marine operations and has attracted some of the best marine broking talent in cities ranging from Hong Kong and Singapore to New Orleans and Miami; a continuing commitment to serve our clients locally, regionally and globally.
Ron Lockton, Executive Chairman of Lockton, Inc. said: “We continue to build Lockton with a clear focus on meeting client needs, preserving the best culture in the industry and perpetuating our private ownership. This acquisition will deliver value for our clients in the maritime industry by expanding our footprint in an important marine marketplace. More importantly, we’re acquiring a fantastic company and an incredible team with shared beliefs that align with the Lockton culture. We’re thrilled to welcome the Edge team to the Lockton family.”
Alistair Rivers, Global Head of Marine at Lockton, said: “This acquisition builds upon and enhances our Global Marine strategy which has seen us grow significantly over the last five years. We have been able to attract the very best people to serve our clients whilst also growing our client portfolio. We are proud to serve the maritime industry and we see so many opportunities for the future.
Tom Midttun, CEO of Edge Group comments: “As a privately-owned business, Lockton’s independence and family ownership was a key advantage. It allows for long-term business planning, rather than being driven by the quarterly pressures of the financial markets, which we fundamentally believe benefits clients.
“We have built our business on teamwork and promote an open, yet highly professional culture, underpinned by deep specialist knowledge. These shared values with Lockton will enable our partners to continue to add value for our clients while drawing on Lockton’s global resources to deliver the very best results.”