14 February 2023Insurance

BMS acquires Spanish specialty broker to foray into Iberian surety market

Specialist re/insurance broker  BMS has entered the Iberian surety bond market with acquisition of a Spanish specialty broker as part of its long term strategy to build on its existing presence and capabilities in the region.

BMS Iberia has signed a deal to acquire Seguros Viafina, the Spanish specialty insurance and reinsurance broker. The acquisition is set to complete in February 2023, with BMS acquiring Viafina in full, subject to regulatory approval by the Dirección General de Seguros y Fondos de Pensiones (DGSFP).

Headquartered in Seville and with offices in Madrid, Viafina provides personalised insurance solutions for its clients that range from listed multinational corporations to SMEs. The company has concentrated on construction as well as renewable energy insurance, but is also a specialist in surety insurance, advising companies on international guarantees, helping them with projects and on public tenders globally.

Following the deal, Gonzalo Camacho, CEO of Viafina, will report to Fernando Claro, CEO of BMS Iberia and will also retain his Europe-wide surety view. Camacho will join as surety managing director and become a member of the executive committee of BMS Iberia.

The acquisition is part of BMS’ long term strategic plans for the Iberian region.

Claro said: “Our acquisition of Viafina marks a continuation of our investment in the Iberian region. The team has a broad range of experience working with both the national and international markets and an extensive knowledge of the construction sector, renewable energy sector and of surety insurance. As always, our priority is to ensure that we are offering the highest quality service to our clients – Viafina has that same drive and passion. We’re incredibly excited to partner with another entrepreneurial firm that adds considerable expertise to BMS.”

Camacho added: “We take great pride in our ability to work alongside our clients, - to ensure that we offer products tailored to their individual needs. Our objective has always been to provide a specialised service that generates added value and satisfaction for our clients. The Viafina team is delighted to partner with a global broker such as BMS. It gives us significant added reach and technical capabilities that will enable us to expand on the excellent work we have been doing since our inception.”

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