Global outfit buys Sydney underwriter

TIO

Just days after launching an Australian wholesale division, international insurance and reinsurance broker Cooper Gay Swett & Crawford (CGSC) has announced the purchase of a Sydney liability underwriter and promised more acquisitions to come.

CGSC has acquired a 100% stake in Epsilon Insurance Brokers Services, with CGU’s David Kleinhans set to take over from Epsilon founder Peter O’Shea as CEO from 17 February.

O’Shea will stay with the firm and says he is proud to have led the Epsilon team.

“Together we have built an excellent business over a relatively short period of time and I am confident the company will continue to thrive under David’s leadership,” he says.

“The wider resources and support of the CGSC Group will allow David to develop further products that will enhance Epsilon’s client offering.”

CGSC CEO Tob Esser says he see significant opportunities in the Australian market.

“I look forward to the continued growth and development of the company through the planned addition of individuals, teams and books of business, many of which David has already identified.”

Last week, CGSC announced it had launched a local wholesale division, to be led by Head of Production Jonathon Hyde.

“I am excited to be delivering a global wholesale alternative to Australia in 2014,” he says.

“Our independence and global network will be very appealing to our local intermediaries, and I look forward to developing and extending Cooper Gay’s excellent existing broker relationships.”