Specialist (re)insurance broker BMS Group has entered into an agreement to acquire UK firm David Roberts & Partners (DR&P).
The transaction marks BMS’s largest acquisition to date, and creates a business managing over £8 billion of gross written premiums.
After completion, which is subject to regulatory approvals, DR&P and its subsidiary companies will continue to operate under their existing brands.
John Page, CEO of DR&P, and Simon Bland, managing director, will continue in their roles, with Page reporting to Nick Cook, CEO of BMS Group, and joining the group’s executive committee.
According to BMS, the acquisition creates a substantial opportunity for both firms to work collaboratively to enhance client service across territories and specialties, as well as leverage the combined expertise of both businesses in specialty retail, wholesale (re)insurance, and MGA.
Commenting on the move, Cook says: “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.”
Page adds: “We have been exploring ways of maximising our strength in specialty retail, London (re)insurance, 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.”
