BMS Re enters Mexican surety treaty market via key acquisition
Specialist re/insurance broker BMS Group has expanded its reinsurance capabilities in Latin America by entering the Mexican surety treaty market through acquisition.
BMS Re has snapped up Calomex, a Mexico City-based specialist reinsurance broker.
Established in 1996, Calomex provides reinsurance solutions to Mexican surety providers, with treaties typically placed into the Miami, Continental European and London markets.
BMS will acquire Calomex in full. Jorge Bellot, president of Calomex, will report to Aidan Pope (pictured), executive chairman & CEO of BMS Re LAC.
The deal forms part of BMS Re LAC’s strategy to expand upon its current Miami hub into the region’s biggest reinsurance markets and follows the acquisition of PWS Mexico and the launch of BMS Re Brazil, in 2021. The addition of Calomex provides BMS Re a platform for enhancing its existing treaty reinsurance offering in Mexico.
Pope said: “Bringing on board the Calomex team is of real strategic importance to BMS as it further strengthens our expanding reinsurance capabilities in Latin America. Calomex’s team, also including Gustavo Scheffler and Diego Bellot, has unrivalled expertise in treaty reinsurance for surety providers.
“We will work with them to capture surety business further afield and collectively to expand into other property and casualty classes. I am also pleased to have found a partner who genuinely values its clients and its people just as much as we all do at BMS Re. I am thrilled that this acquisition represents the next stage of our long-term strategic growth plan for the region.”
Bellot added: “Joining BMS Re will give both us and our clients access to broad global expertise and markets. And while we will always remain specialist, particularly in the surety markets where we value our longstanding client relationships, we look forward to working with our new colleagues to expand our ability to help our customers across a wider spectrum of classes of business.”
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