CFC, a UK-based specialty insurance company, has announced plans to acquire Solution Underwriting, an Australian managing general agent.
The acquisition is expected to be finalised by 30 April 2024, although the financial details remain undisclosed.
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Solution Underwriting, headquartered in Melbourne with additional offices in Sydney, Brisbane and Perth, specialises in financial lines insurance products.
Through a network of brokers, the company caters to SMEs across Australia.
CFC said Solution Underwriting’s 14 years of experience in the Australian market will complement its two-decade trading presence in the region.
CFC established its first Australian office in 2021 through the acquisition of Insane Technologies, enhancing its cyber incident response capabilities.
With this most recent purchase, CFC will have five offices and around 100 employees in Australia.
CFC Group CEO Louise O’Shea said: “Australia is a fast-growing, dynamic market and we are excited for the opportunity to continue investing in the region. The team at Solution are a great fit for CFC – they bring an established footprint and an entrepreneurial, innovative culture similar to our own. We look forward to working with them to accelerate our combined Australian business.”
Solution Underwriting MD Rhys Mills said: “CFC is an innovative, market-leading insurance business with a strong reputation in Australia and abroad. We are excited to join CFC and deliver our customers access to a broad suite of specialist insurance solutions backed by cutting-edge technology and a global team of experts.”
The acquisition follows CFC’s recent foray into the carbon insurance market with its Carbon Delivery Insurance product.
CFC’s new offering provides 100% coverage for the non-delivery of voluntary carbon credits, addressing both physical and political risks.
