BGC Partners completes acquisition of Lloyd's broker Besso

BGC Partners, a global brokerage firm, has completed the entire acquisition of Lloyd's specialist re/insurance broker Besso Insurance Group for £70.5 million on enterprise-value basis.

Besso agreed to the sale after rejecting other suitors in January. The acquisition is BGC's first venture into the insurance market.

The company announced that BGC executive Christopher Smith will join the Besso board of directors to work with the existing management team and drive a strategic growth plan.

Shaun Lynn, president of BGC Partners, said: "We are delighted to complete the purchase of Besso, a company with a great reputation, a strong record of growth and an excellent management team that will provide our insurance brokerage business with a strong foundation."

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