BMS Launches Middle East Operations With Acquisition of UAE’s Berns Brett Masaood

BMS, the London-based independent specialist re/insurance broker, announced it has entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a leading UAE insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai.

Financial details of the transaction were not disclosed.

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.

“We have been very keen to develop a hub in this key financial region and have supported BBM for some time. We are therefore delighted to formalise our partnership,” commented Peregrine Towneley, chairman of international operations at BMS said.

“BBM is extremely well positioned for future growth and is actively looking to expand into new specialisms which are complementary to our Specialty London operations. Their focus on these specialisms alongside their people-first and client-centric approach perfectly complements our own philosophy,” Towneley added.

“The BBM team has a deep understanding of the region, which will be a great asset to BMS as we look to further our expertise in the market,” he said.

“Working with BMS enables us to expand our global footprint and continue to effectively manage client needs. BMS has a deep pool of expertise and provides us with the capital we need to expand and grow,” according to Vedanta Baruah, CEO of BBM. “We are excited to join the BMS team and look forward to what the future will bring.”

Source: BMS

Photograph: Dubai International Financial Centre (DIFC)

Topics Mergers & Acquisitions