LONDON, Feb. 1, 2019
/PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners,"
"BGC" or the "Company"), a leading global brokerage and financial
technology company, today announced that it has completed the
acquisition of Ed Broking Group Limited ("Ed"), an independent
Lloyd's of London insurance broker
with a strong reputation across Accident and Health, Aerospace,
Cargo, Energy, Financial and Political Risks, Marine, Professional
and Executive Risk, Property and Casualty, Specialty and
Reinsurance.
Shaun D. Lynn, President
of BGC Partners, commented on today's announcement: "We are
delighted to complete the purchase of Ed, a company with a great
reputation, a global footprint and an excellent management team
that will continue to build on BGC's success in growing the
insurance brokerage business."
Ed will become part of BGC's insurance division, which was
established in 2017 with the acquisition of Besso Insurance Group
Limited ("Besso"). Steve
Hearn, currently Group CEO of Ed, will become Head of BGC's
insurance division. Mr. Hearn will report directly into Mr.
Lynn.
Under the terms of the agreement, BGC acquired 100% of Ed, which
includes broking operations under the Ed brand in the UK,
Singapore, Hong Kong, Dubai, Miami
and China; Ed's German marine
broking arm Junge & Co. Versicherungsmakler GmbH; Ed's managing
general agent (MGA) operations Globe Underwriting Limited based in
the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in Paris.
About BGC Partners, Inc.
BGC Partners is a leading
global brokerage and financial technology company. BGC's Financial
Services offerings include fixed income securities, interest rate
swaps, foreign exchange, equities, equity derivatives, credit
derivatives, commodities, futures, and structured products. BGC
provides a wide range of services, including trade execution,
broker-dealer services, clearing, trade compression, post trade,
information, and other services to a broad range of financial and
non-financial institutions. Through brands including Fenics, BGC
Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers
financial technology solutions, market data, and analytics related
to numerous financial instruments and markets. BGC, BGC Trader,
GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are
trademarks/service marks and/or registered trademarks/service marks
of BGC Partners, Inc. and/or its affiliates.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, and investment firms. BGC's Class A
common stock trades on the NASDAQ Global Select Market under the
ticker symbol "BGCP". BGC Partners is led by Chairman and Chief
Executive Officer Howard W. Lutnick.
For more information, please visit http://www.bgcpartners.com. You
can also follow BGC at https://twitter.com/bgcpartners,
https://www.linkedin.com/company/bgc-partners and/or
http://ir.bgcpartners.com/Investors/default.aspx.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical
facts are "forward-looking statements" that involve risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements. Except as
required by law, BGC undertake no obligation to update any
forward-looking statements. For a discussion of additional risks
and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see BGC's
Securities and Exchange Commission filings, including, but not
limited to, the risk factors set forth in these filings and any
updates to such risk factors contained in subsequent Forms 10-K,
Forms 10-Q or Forms 8-K.
About Ed Broking Group
Ed is a truly global insurance
and reinsurance provider with offices in the world's key regional
and global insurance centres. The group's broking business is a
leading independent Lloyd's broker, and employs some of the best
and most experienced people in the industry with expertise in all
major lines of business. The group's MGA division operates in the
UK, France, Australia and Germany.
Media Contacts:
Harjeet
Singh
+44207894 8829
Investor Contacts:
Ujjal Basu
Roy
+12126102426
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SOURCE BGC Partners, Inc.