UK specialist insurance and reinsurance broker BMS has finalised the acquisition of a majority stake in BBM.
The acquired company is an insurance broker based in Abu Dhabi and Dubai.
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The acquisition of BBM, announced in April 2023, represents BMS’ entrance into the region and aligns with the company’s growth objectives.
Now rebranded as BMS Masaood, the United Arab Emirates broker will maintain its focus on the energy, institutional and affinity sectors.
Additionally, it plans to broaden its services by introducing new specialisms that will support BMS’ specialty operations based in London.
BMS chairman of international operations Peregrine Towneley said: “I am delighted to be able to announce the formal completion of our partnership with BMS Masaood.
“Developing a hub in this key financial region is a crucial part of BMS’ growth strategy and the expertise of BMS Masaood has been and will continue to be crucial to this.”
BMS Masaood CEO Vedanta Baruah said: “All of us here are thrilled to join the BMS team. Our philosophies and approach to business are well aligned and made the acquisition process all the more seamless.
“I have no doubt that becoming a part of BMS’ growth story promises an exciting future for BMS Masaood and look forward to deepening our ties and accelerating the work we do together under the BMS name.”
BMS said that, during 2023, it completed ten acquisitions and achieved a 30% increase in its core business areas including specialty, reinsurance and international operations.
The UK-based broker acquired Canadian insurance intermediaries Smith & Reid Insurance Brokers and O’Neil Insurance in September 2023.
Earlier in 2023, BMS announced the acquisition of KNW Brokers Corretora de Resseguros in Brazil and Bluebook Insurance Brokers in Australia.
