London-based BMS Re US, a specialist insurance and reinsurance broker, has acquired a reinsurance intermediary that complements its own operations.
BMS, which is the broking arm of Minova Insurance, acquired Advocate Reinsurance Partners, a privately-held reinsurance intermediary for middle-market insurance carriers, captives, risk retention groups and other specialty insurance operations. Advocate Reinsurance Partners is based in Dallas, Texas.
Neither side would disclose financial details. But the deal solidifies a producer/wholesale relationship between both companies that has existed more informally.
“Advocate Reinsurance Partners is a long standing producer of business to our wholesale broking business and this acquisition is a natural extension of an already excellent working partnerships” Dane Douetil, CEO of Minova Group, said in prepared remarks. “It is also a clear demonstration of our long term commitment to the U.S. markets and provides significant scale and increasing relevance to our growing customer base.”
Andrew Bustillo, CEO of BMS Re U.S., said in prepared remarks that combining Advocate Reinsurance partners’ sales team with BMS’s “extensive analytical and operational capacity will extend our geographic research and further strengthen the high level of risk advisory service we bring to our clients and carriers,”
Scott Brock, managing partner of Advocate Reinsurance Partners, said the acquisition will be a blending of companies with similar cultures.
“We know the BMS team well and we share similar cultures and values,” Brock said, also in prepared remarks. “We have great respect for their technical expertise, broad suite of capability and global distribution network …[and] this step will bring considerable benefit to our client base.”
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