BMS Group, the independent specialist re/insurance broker, announced its Spanish subsidiary, BMS Mediación Iberia Correduría de Seguros y Reaseguros, S.L.U. (BMS Iberia), has acquired Montymarq Asociados Consultores y Corredores de Seguros, S.L., the Spanish specialist insurance broker.
The consideration for the transaction was not disclosed.
Based in Malaga, Montymarq specializes in business, professional and affinity risks in Spain. The staff of Montymarq will join the BMS Iberia operation upon completion of acquisition and Montymarq’s CEO Juan de Montes will become non-executive chairman of BMS Iberia.
BMS Iberia is a key operation for BMS’ European business and it continues to expand its specialty lines within the region.
Montymarq is the second entity acquired by BMS in Spain this year. Earlier in March, BMS Iberia acquired Jurado Mata, the Granada-based Spanish specialist insurance broker.
“BMS Iberia is growing strategically: we have identified significant opportunities in several key specialty areas and we are well-positioned to be one of the top specialist brokers in Spain,” said Fernando Claro, CEO of BMS Iberia. “Montymarq’s expertise and market-leading talent in the professional, personal and liabilities risk space meaningfully complement our current growing practice. I look forward to working with Juan and the team and taking our regional business to the next stage of growth.”
Juan de Montes commented: “BMS Iberia has a well-deserved reputation in the Spanish market and we share its ambition to establish the business as the best-regarded independent specialist broker in the region. BMS’s global network, combined with our local expertise, will benefit the existing clients of both BMS Iberia and Montymarq. We look forward to working closely with the BMS Iberia team and continuing to provide high-quality and comprehensive services to our clients.”
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