The deal
UK-based specialist insurance coverage and reinsurance dealer BMS Group has accomplished the acquisition of Canadian insurance coverage brokers Smith & Reid Insurance coverage Brokers and O’Neil Insurance coverage.
Smith & Reid specialises in development, actual property portfolios, oil and petrol distribution and auto dealership sectors amongst others.
As a part of the merger, Smith & Reid is led by president Jeff Smith and vice-president Dan Reid will now collaborate with BMS Group Canada president and CEO Brian Gomes.
Why it issues
Commenting on the most recent growth, Gomes stated: “The acquisition of Smith & Reid helps our long-term, high-growth technique in Canada.
“Its glorious fame in Ottawa and past enhances BMS’s ambitions to amass firms that supply the best ranges of customer support suited to a world enterprise whereas backed by distinctive native expertise. I’m excited to work with Jeff and Dan and I’m sure the transition shall be seamless.”
Reid stated: “Having labored with Brian previously, I’m significantly excited to see our groups coming collectively, not just for what this implies when it comes to delivering on the type of tradition Jeff, Brian and I satisfaction ourselves on, however what it means for our purchasers.”
The small print
Neither firm disclosed the monetary particulars of the deal.
Nonetheless, by means of this takeover, BMS will achieve the prospect and platform to broaden its enterprise into the speciality retail phase in Canada, the place the corporate already possesses capabilities in affinity, captive administration and capability distribution.
In July 2023, BMS Group signed a deal to amass Australian Bluebook Insurance coverage Brokers for an undisclosed sum. The buying spree will not be over simply but.
Our indicators protection is powered by GlobalData’s Thematic Engine, which tags thousands and thousands of information gadgets throughout six different datasets — patents, jobs, offers, firm filings, social media mentions and information — to themes, sectors and corporations. These indicators improve our predictive capabilities, serving to us to establish probably the most disruptive threats throughout every of the sectors we cowl and the businesses greatest positioned to succeed.
