BMS buys insurance broker Peer DR&P
Fri, 20 Dec 2024 | BUSINESS SALE
BMS Group, the independent specialist insurance and reinsurance broker has completed the acquisition of rival insurance broker David Roberts & Partners (DR&P).
BMS Group, established in 1980, provides specialist solutions in the fields of wholesale, reinsurance, direct insurance, and capital advisory. Its offices are located across the US, Canada, Latin America, Australia, Europe and Asia, employing over 1300 people.
DR&P, founded in 1977, offers its services to a range of clients such as poultry farmers, corporates, marine businesses and high net worth individuals.
BMS said the deal ‘brings a highly respected, diverse team of experts, enriching our capabilities in delivering tailored insurance and reinsurance solutions’.
The acquisition also expands BMS’s presence in the UK, particularly in the retail sector and speciality London markets. DR&P will, BMS said, benefit from enhanced data and analytical capabilities, as well as collaborative opportunities in areas where both businesses excel.
DR&P chief executive, John Page, and managing director, Simon Bland, will continue in their roles, with Page now reporting to Nick Cook, CEO of BMS Group, and joining the group executive committee. DR&P and its subsidiary companies will continue to operate under their existing brands.
Cook said: “We are delighted to officially welcome DR&P to the BMS Group. The period leading up to the closure has demonstrated how culturally aligned both businesses are, which is the key consideration in our M&A strategy. We now look forward to the next phase, combining the expertise of both businesses and working collaboratively to enhance client service across territories and specialisms. John, Simon, and I have ambitious plans to deliver our shared vision ensuring our people, clients, and partners reap the benefits of this relationship.”
Page added: “Today marks a significant step for DR&P. We can now access new opportunities as part of a successful, independent global broking group. Our focus going forward will be on executing a transition strategy that continues to put client outcomes at the forefront of everything that we do.”
The transaction marks BMS’s largest acquisition to date and creates a business managing more than £8 billion of gross written premiums. BMS’s investors - Eurazeo, British Columbia Investment Management Corporation (BCI), and Preservation Capital Partners (PCP) - supported the management team in this strategic acquisition.
Find out why financial services firms are considering M&A deals
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