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 building, 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 improvement, Gomes mentioned: “The acquisition of Smith & Reid helps our long-term, high-growth technique in Canada.
“Its glorious status in Ottawa and past enhances BMS’s ambitions to amass firms that supply the best ranges of customer support suited to a worldwide enterprise whereas backed by distinctive native expertise. I’m excited to work with Jeff and Dan and I’m sure the transition can be seamless.”
Reid mentioned: “Having labored with Brian up to now, I’m notably excited to see our groups coming collectively, not just for what this implies when it comes to delivering on the sort of tradition Jeff, Brian and I pleasure ourselves on, however what it means for our purchasers.”
The main points
Neither firm disclosed the monetary particulars of the deal.
Nonetheless, via this takeover, BMS will acquire 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 purchasing spree will not be over simply but.
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