Lockton has entered into an agreement to acquire Edge Group, with offices in Singapore, Hamburg, London, Copenhagen, Oslo and Bergen, to expand its marine broking capabilities.
Edge Group is the largest independent marine broker in the Scandinavian market, with an estimated 2% share of the global marine insurance market.
Ron Lockton, executive chairman of Lockton, 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.”
Tom Midttun, CEO of Edge Group added: “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.”
The acquisition, for an undisclosed fee, is subject to regulatory approval and pre-completion conditions.
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