Lockton, a privately held insurance broker, has completed acquisition of Colin Smith's broker unit Strategic Insurance & Risk Solutions.

Following the completion of the acquisition, Lockton’s new Melbourne insurance and risk management team will serve corporate clients based in Australia in addition to serving global clients.

The Strategic Insurance & Risk Solutions will complement Lockton’s commercial insurance client service team, currently operating in Perth and Sydney.

Paul Bradley, former corporate victorian state manager for Marsh, has been added to the new risk management consulting operation in Melbourne.

Lockton Australia chief executive officer Adam Rhodes said, "Paul Bradley will also provide an enormous advantage to the business having held very senior roles in the insurance industry in Melbourne for more than 15 years."

The company has also appointed Smith as an executive manager.

Terms of the agreement were undisclosed.