US-based global broker Lockton has expanded its Australian reach with the acquisition of Melbourne broker Strategic Insurance & Risk Solutions.

Strategic will complement Lockton’s existing operations in Perth and Sydney, and former Strategic owner Colin Smith will remain with the business as an EM.

Lockton has also hired former Victorian Corporate State Manager for Marsh, Paul Bradley, to join its new Melbourne operation as an EM.

Lockton Australia CEO Adam Rhodes told insuranceNEWS.com.au that Strategic provides a “really great alignment” and meets Lockton’s “fundamental requirement” of being a good cultural fit.

Terms of the deal were not disclosed, but Mr Rhodes says Strategic has a number of large financial services clients and Lockton’s Melbourne team will also service corporate clients based in Australia as well as global clients with local operations.

Mr Smith described the acquisition as a “fantastic opportunity”.

“We are joining a broking company that provides all of the advantages of a major international firm with the agility and cohesiveness of a locally owned and managed company,” he said.