UK’s Insurance and Reinsurance Firm BMS Acquires Majority Stake in Berns Brett Masaood

BMS, the independent specialist insurance and reinsurance broker based in London, has announced on Thursday that it has completed acquisition of majority stake of Berns Brett Masaood (BBM), a leading UAE insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai.

However, the financial details of the transaction, which was first announced on 4 April 2023, were not disclosed.

This is BMS’ first acquisition in the region and testifies to BMS’ ambitious growth plans. In 2023 alone, BMS successfully completed 10 acquisitions and a 30% growth across its core pillars of specialty, reinsurance, and international.

Now operating as BMS Masaood, the UAE broker will continue its specialism in energy, institutional and affinity sectors while also expanding into new specialisms to complement BMS’ specialty operations in London.

Peregrine Towneley, chairman of international operations at BMS, said that they were delighted to announce the formal completion of BMS’ partnership with BMS Masaood. Developing a hub in this key financial region is a crucial part of BMS’s growth strategy and the expertise of BMS Masaood has been and will continue to be crucial to this.

Vedanta Baruah, CEO of BMS Masaood, said that their philosophies and approach to business were well aligned and made the acquisition process all the more seamless.

“I have no doubt that becoming a part of BMS’ growth story promises an exciting future for BMS Masaood and look forward to deepening our ties and accelerating the work we do together under the BMS name,” Baruah added.

BBM has expanded significantly in recent years providing extensive risk transfer solutions for large complex programs 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.

Other Acquisitions by BMS

BMS is a dynamic, independent, global broker established in 1980, delivering specialist insurance, reinsurance, and capital markets advisory services. The company has offices located across the US, Canada, Latin America, Australia, Europe and Asia with both a strong local focus and understanding of market needs.

Some if its notable acquisitions worldwide in 2023 include Canada-based insurance broker, Smith & Reid Insurance Brokers Ltd along with O’Neil Insurance, Sao Paulo-based reinsurance broker, KNW Brokers Corretora de Resseguros Ltd (KNW), Brisbane-based specialty broker Bluebook Insurance Brokers, GARD Insurance Pty Ltd, which includes ALE underwriting, Spanish specialty broker Viafina, Australian specialist insurance broker Austbrokers Coast, West Australian specialist broker Western United Financial Services (WUFS) and Australian MGA – Deal allows BMS to diversify its international operations .