BMS buys UAE broker to establish new Middle East operations
Specialist re/insurance broker BMS Group has launched Middle East operations with the acquisition of a UAE-based broker.
BMS has entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a UAE insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai.
BBM has expanded significantly in recent years providing extensive risk transfer solutions for large complex programmes across many industries, with specialisms in energy, institutional and affinity sectors for corporate and government entities. After completion, which is subject to regulatory approvals, BBM will be known as BMS Masaood.
Peregrine Towneley, chairman of international operations at BMS said: “We have been very keen to develop a hub in this key financial region and have supported BBM for some time. We are therefore delighted to formalise our partnership. BBM is extremely well positioned for future growth and is actively looking to expand into new specialisms which are complementary to our Specialty London operations. Their focus on these specialisms alongside their people-first and client-centric approach perfectly complements our own philosophy. The BBM team has a deep understanding of the region, which will be a great asset to BMS as we look to further our expertise in the market.”
Vedanta Baruah, CEO of BBM, added: “Working with BMS enables us to expand our global footprint and continue to effectively manage client needs. BMS has a deep pool of expertise and provides us with the capital we need to expand and grow. We are excited to join the BMS team and look forward to what the future will bring.”
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