BMS Group, the London-based specialist insurance and reinsurance broker, announced that it has entered into an agreement to acquire the leading insurance broker Rasher, subject to regulatory approvals.
The Rasher business is based in Spain, with Latin American subsidiaries in Colombia and Peru.
Financial details of the transaction were not disclosed.
Rasher provides surety, credit, and risk management solutions to corporate clients. Its team of 90 staff members design, implement, and manage insurance programs, while providing advisory and claim services. Joining BMS group will allow Rasher to accelerate its expansion and recruiting efforts and continue delivering the successful growth strategy set in place by the leadership team.
This acquisition builds on BMS Group’s existing strength in surety and bolsters its client proposition for global infrastructure and construction projects, in particular. The deal will cement BMS Group’s position as a leading insurance and reinsurance specialty broker in Iberia, with offices in Madrid, Seville, Cordoba, Valencia, Malaga, Granada, and Pamplona, and expands its Latin American footprint in Colombia and Peru, BMS said.
Gabriel Raya, CEO of Rasher, will serve as chief growth officer of BMS in Iberia, and will be responsible for the management and expansion of Rasher’s subsidiaries in Latin America, and will be appointed to the board of BMS Iberia.
The transaction will add to BMS Group’s recent M&A activity, including the announcement of the agreement to acquire UK broker David Roberts & Partners in July 2024.
“I am excited by this acquisition. The strategic fit with BMS specialisms, growth culture and ambition to deliver exceptional client solutions makes this a superb partnership and I expect this business to achieve huge success with BMS support in the coming years,” commented Nick Cook, group CEO, BMS, in a statement. “Gabriel and his team have exceptional capability and well-earned reputations in their markets.”
Gabriel Raya, CEO of Rasher, said: “The culture and philosophy of BMS makes this a perfect fit. We know the team very well and we believe that they will help us achieve our next stage of growth and expand our client services in each region.”
Source: BMS
Topics Mergers & Acquisitions Agencies
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