Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company’s footprint in Australia.
Headquartered in Melbourne, with offices located in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter that particularly focuses on financial lines insurance products.
Overall, the company boasts over 14 years of experience in the Australian market.
The company also has a broad broker distribution network and a robust reputation for serving small and mid-sized businesses across the country.
Moreover, CFC has been trading in Australia for more than 20 years. In 2021, the organisation established its first Australian office with the acquisition of Insane Technologies.
Following the completion of it’s acquisition of Solution, CFC will wind up with five local offices and nearly 100 staff based in Australia.
CFC Group CEO, Louise O’Shea, commented: “Australia is a fast-growing, dynamic market and we’re 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.”
Rhys Mills, Managing Director of Solution Underwriting, said: “CFC is an innovative, market-leading insurance business with a strong reputation in Australia and abroad. We’re 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 deal is expected to complete on April 30, 2024.
