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UK specialist insurance coverage and reinsurance dealer BMS has finalised the acquisition of a majority stake in BBM.
The acquired firm is an insurance coverage dealer based mostly in Abu Dhabi and Dubai.
The acquisition of BBM, introduced in April 2023, represents BMS’ entrance into the area and aligns with the corporate’s development goals.
Now rebranded as BMS Masaood, the United Arab Emirates dealer will preserve its concentrate on the power, institutional and affinity sectors.
Moreover, it plans to broaden its providers by introducing new specialisms that may assist BMS’ specialty operations based mostly in London.
BMS chairman of worldwide operations Peregrine Towneley mentioned: “I’m delighted to have the ability to announce the formal completion of our partnership with BMS Masaood.
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“Creating a hub on this key monetary area is a vital a part of BMS’ development technique and the experience of BMS Masaood has been and can proceed to be essential to this.”
BMS Masaood CEO Vedanta Baruah mentioned: “All of us listed here are thrilled to hitch the BMS workforce. Our philosophies and method to enterprise are nicely aligned and made the acquisition course of all of the extra seamless.
“I’ve little doubt that changing into part of BMS’ development story guarantees an thrilling future for BMS Masaood and look ahead to deepening our ties and accelerating the work we do collectively below the BMS title.”
BMS mentioned that, throughout 2023, it accomplished ten acquisitions and achieved a 30% enhance in its core enterprise areas together with specialty, reinsurance and worldwide operations.
The UK-based dealer acquired Canadian insurance coverage intermediaries Smith & Reid Insurance coverage Brokers and O’Neil Insurance coverage in September 2023.
Earlier in 2023, BMS introduced the acquisition of KNW Brokers Corretora de Resseguros in Brazil and Bluebook Insurance coverage Brokers in Australia.
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