Specialist insurance and reinsurance intermediary BMS Group has signed an agreement to acquire David Roberts & Partners (DR&P).
Financial terms of the transaction were not disclosed. However, as per Reuters-backed the Insurer, the deal is thought to be valued at £450m.
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Set up in 1977, DR&P is a UK-based independent insurance broker.
With a team of nearly 400 people across 25 offices in the UK and Europe, DR&P manages more than £620m in GWP for its clients.
Since 2019, the company has carried out 14 acquisitions including specialty retail brokers MG Underwriting, a managing general agent (MGA); London-based CLP Insurance brokers; and ARB International.
Once the acquisition is finalised, contingent on the receipt of regulatory approval, DR&P and its subsidiary companies will retain their current brands.
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By GlobalDataBMS said the deal presents an opportunity to collaborate and improve client services across various regions and specialties.
By combining their expertise in specialty retail, wholesale reinsurance and MGAs, BMS and DR&P hope to provide value to their clients.
BMS highlighted that this transaction represents its largest acquisition so far, resulting in a business that oversees more than £8bn in GWP.
The acquisition was backed by BMS’ investor group including Eurazeo, British Columbia Investment Management Corporation and Preservation Capital Partners.
DR&P CEO John Page and managing director Simon Bland will remain in their positions, with Page reporting to BMS Group CEO Nick Cook and joining the group executive committee.
Cook said: “This landmark transaction is a significant strategic step for BMS and a very proud moment in our company’s evolution. By aligning these two businesses, both of which have market-leading organic growth and ambitious expansion plans, we create a formidable force. We are delighted that DR&P selected BMS as their new home amidst considerable global interest.”
Page said: “We have been exploring ways of maximising our strength in specialty retail, London reinsurance and MGA markets for some time and are delighted to have found in BMS a perfect opportunity to join forces with a highly successful, global business with a deep commitment to independent broking. BMS’ commitment to exceptional client outcomes aligns well with our own.”
The deal follows Hannah Watkins’ appointment as UK chief growth officer at BMS.
Watkins, a long-time employee of more than ten years, will lead the execution of BMS’ client-focused growth strategy from her London office.
