Lockton to acquire Scandinavian marine broker Edge Group
Lockton has agreed to acquire Scandinavian marine broker Edge Group for an undisclosed sum.
Edge Group is the largest independent marine broker in the Scandinavian market and has a 2% share of the global marine insurance market.
The business has offices in Singapore, Hamburg, London, Copenhagen, Oslo and Bergen. Lockton said the acquisition will complement its existing marine footprint in the Mediterranean and Singapore as well as strengthening its presence in Norway.
Lockton executive chairman Ron 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.”
Lockton global head of marine Alistair Rivers 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.”
Edge Group CEO Tom Midttun said: “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.”