BMS Group, the London-based independent specialist re/insurance broker, has acquired the Australian managing general agent GARD Insurance Pty Ltd., which includes ALE underwriting.
The terms of the transaction have not been disclosed.
GARD was founded in 2015 and provides public and products liability and associated professional indemnity insurance to a diverse range of businesses from small to medium enterprises (SMEs) through to multinational businesses. It is headquartered in Sydney and also has offices in Melbourne and Brisbane.
ALE is the leading MGA for hospitality in Australia. Its primary focus is property and casualty covers for hotels and pubs, licensed clubs, bars, restaurants, caravan parks, alpine accommodation, backpackers, modern short-term accommodation, boarding houses and one-off events. ALE’s unique and bespoke IT platform is offered exclusively to select brokers.
GARD non-executive chairman Craig Patterson will join BMS as executive chairman of GARD, with a remit to grow and expand the acquired business. Patterson is an industry veteran with a wealth of valuable experience gained from senior roles at Austagencies, AON Benfield, Aviva in the UK and CGU/NZI.
This announcement is the latest in a string of recent acquisitions by BMS in Australia and is the first one involving an MGA.
“Buying an MGA in Australia is aligned with our global strategy to diversify our international retail operations,” commented Andrew Godden, chief executive of BMS’ Australian business.
“Both GARD and ALE have excellent underwriting capabilities and a stellar leadership team in Craig Patterson, Craig Walker, Dean Fiddes and Janelle Cox. We share the same vision on growth, and I am excited to work with them to take our business to the next level,” Godden added.
“ALE and GARD share similar cultural DNA with BMS, which is what makes this an exciting milestone,” Patterson said. “We look forward to being part of a global speciality organisation with extensive risk expertise and market knowledge, and to the added capital that will allow us to expand into more technical, niche segments that complement our current offering.”
Source: BMS Group
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