BGC Partners acquired Ed Broking Group

BGC Partners acquired Ed Broking Group, the global reinsurance, wholesale and specialty broker. Under the terms of the agreement, a subsidiary of BGC will acquire 100% of Ed which includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm, Junge, in addition to its MGA operations: Globe Underwriting based in the UK, Epsilon which has offices in Australia and Cooper Gay France based in Paris. Financial terms were not disclosed. Shaun D. Lynn, President of BGC Partners, commented on today's announcement: "We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd's of London broker with a global footprint. It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the Company".