BGC Partners To Buy Ed Broking Group - Quick Facts

(RTTNews) - BGC Partners, Inc. (BGCP) announced an agreement to acquire Ed Broking Group Limited, an independent Lloyd's of London insurance broker. Further details of the transaction were not disclosed.

Under the terms of the agreement, BGC will acquire 100% of Ed, which includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China; Ed's German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed's managing general agent operations Globe Underwriting Limited based in the UK; and Cooper Gay (France) SAS, which is based in Paris.

Ed expects to report revenues of around $100 million in 2018. With the addition of Ed's brokers and back office personnel, Ed and Besso combined are expected to place approximately $2 billion of premium in 2018 and have approximately 300 combined brokers operating across 10 countries.