Aon Benfield acquires broker in Greek, Cypriot markets
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Aon Benfield has acquired Safe Brokers S.A. to strengthen Benfield’s presence in the Greek and Cypriot markets, the company said in a statement Tuesday.
Founded in 2011 by Stelios Assariotis and Manolis Siatounis, Athens, Greece-based Safe Brokers is an independent reinsurance broker with facultative and treaty premium of approximately €15 million ($18.8 million) from Greece and Cyprus, the statement said.
Safe Brokers’ team of 11 will join Aon Benfield at the start of November. The deal will enhance local expertise in Benfield’s Athens office, the statement said.
“The acquisition is the exciting next stage of our strategy to invest in Greece and Cyprus. We have seen Safe experience strong growth since inception, and its management team is very well respected in the Greek and Cypriot marketplace,” Richard Posgate, co-CEO of Aon Benfield in Europe, the Middle East and Africa, said in the statement.
“From significant earthquake risks to an evolving economy, Greek and Cypriot insurers need local experts on the ground to understand their unique challenges and growth opportunities,” Mr. Assariotis, chairman of Safe Brokers, said in the statement.
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