BMS, the London-based specialist insurance and reinsurance broker, has completed its majority stake acquisition of Berns Brett Masaood (BBM), a leading UAE insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai.
Financial details of the transaction, first announced in April 2023, were not disclosed.
This is BMS’ first acquisition in the region. In 2023 alone, BMS successfully completed 10 acquisitions and a 30% growth across its core pillars of specialty, reinsurance, and international.
Now operating as BMS Masaood, the UAE broker will continue its specialism in energy, institutional and affinity sectors while also expanding into new specialisms to complement BMS’ specialty operations in London.
“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’s growth strategy and the expertise of BMS Masaood has been and will continue to be crucial to this,” commented Peregrine Towneley, chairman of international operations at BMS.
“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,” according to Vedanta Baruah, CEO of BMS Masaood. “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.”
Source: BMS
Topics Mergers & Acquisitions
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