Bridge Specialty International has agreed to acquire Acorn International Network, a Singapore-based insurance broker, for an undisclosed sum.
Acorn, established in April 2011, is licensed by the Monetary Authority of Singapore (MAS) and is led by founder and CEO David Ong.
Ong, with more than 45 years of experience in the insurance industry, has held senior positions at Willis Singapore and served as CEO of Marsh and McLennan Singapore.
Post-transaction, Ong and his team are set to continue managing the business.
Bridge Specialty is the wholesale and specialty brokerage unit of Brown & Brown Europe.
The move is aimed at establishing Bridge Specialty’s presence in the key Singapore insurance hub and expanding its platform across Asia.
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Currently, its Asian operation includes Capstone Insurance Brokers, a Hong Kong-based company specialising in financial lines and digital asset insurance.
Acorn and Capstone are expected to collaborate closely to foster growth in their respective areas of specialisation within both Singapore and Hong Kong markets.
Bridge Specialty International CEO Tim Coles said: “Acorn is a well-respected and long-established insurance broker in Singapore. 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.”
Ong added: “Joining Bridge Speciality International and Brown & Brown marks a significant milestone for our team and opens up limitless possibilities for our future. 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.”
The acquisition is subject to regulatory approval from MAS and is anticipated to be completed in the first quarter of 2024.
In December 2023, Brown & Brown (Europe) acquired R McGee Insurance Brokers (R McGee), a personal and commercial lines broker.