Munich Re Buys Bell & Clements

Munich Re has acquired the Bell & Clements Group, an insurance and reinsurance broker, which operates in the UK from its London offices and in the U.S. from its headquarters in Reston, VA.

The press announcement said: “Both parties have agreed not to disclose the purchase price for this transaction.”

Bell & Clements was established in 1983. “It has been writing and managing a growing and profitable book of primary insurance business via an exclusive network of selected agents in both these countries for many years,” said the bulletin, with turnover of around $300 million. The Group has been handling business for Munich Re and other insurers “for many years.”

Munich Re noted that “writing insurance business through selected underwriting managers like Bell & Clements via in-house fronting carriers is one of numerous growth opportunities” it has “as a result of its diversified structure.”

Georg Daschner, a member of Munich Re’s Board of Management explained “The acquisition of Bell & Clements is a first response to Munich Re’s recently announced strategy to achieve bottom-line growth. We are leveraging our combined insurance and reinsurance capabilities in order to exploit broader business possibilities. This is where we achieve substantial synergies.”

Munich Re and Bell & Clements earlier collaborated on the establishment of Three Lions Underwriting Limited, a Birmingham- and London-based underwriting manager which writes regional UK business on behalf of Munich Re Group companies.

“Bell & Clements will continue to operate its business as in the past,” the announcement continued. “This means that, in addition to writing business on behalf of Munich Re Group companies, Bell & Clements will continue to provide a comprehensive service to its clients.

Daschner described the acquisition as “a perfect fit,” noting that the “two organizations have the same business philosophy and a mutual bottom-line approach to underwriting.”

Topics Mergers & Acquisitions