Brown & Brown swoops on wholesale Lloyd’s broker to expand in UK & Europe
US-based insurance broker Brown & Brown has agreed to buy an independent wholesale Lloyd's broker and MGA platform that offers specialty insurance products in the UK and the European markets.
Under the deal, Brown & Brown will acquire the general insurance operating companies of BdB that specialise in providing a range of insurance solutions through open market brokerage or acting as an MGA for specific lines of business.
BdB will continue to operate from current locations in London, Belgium and Italy and under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye and Matthew Kendall. BdB will report to Steve Boyd (pictured), president of Bridge Specialty Group.
The transaction is expected to close in the second quarter of 2022, subject to certain closing conditions.
Boyd said: “We are very excited to welcome Silvestro and the talented team at BdB to Bridge Specialty Group. As a leading wholesale brokerage and MGA platform, BdB has earned a long-standing reputation as a best-in-class provider with their agency and carrier partners. We quickly recognised that they would be a great cultural fit within our organization. Collectively, we believe that we can continue to create differentiated products and service capabilities that meet the evolving needs of customers in the UK and mainland Europe.”
De Besi said: “From our origins of a small Italian team which joined forces with a French team and later a UK team, we have prospered by serving the needs of our clients and above all by aiming to look after our employees. We have reached the stage in our growth when, to move forward and to secure the future of our staff, we recognized we needed the backing of broader shoulders. From the very first meeting, Brown & Brown stood out as the firm which shared our values, was keen to work with us and met our objectives for the future. We are excited about joining the Brown & Brown family and are convinced that with their help we will continue to prosper and grow expanding our collective presence in Europe.”
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