Specialist brokerage BMS has finalised its acquisition of a majority stake in Berns Brett Masaood (BBM), an insurance broker in the United Arab Emirates. Established in 2007, BBM operates from its headquarters in Abu Dhabi and Dubai.
This acquisition, first announced in April 2023, marks BMS's inaugural venture into the region, highlighting the company's strategic expansion efforts. Last year, the firm was active in scaling its operations, completing 10 acquisitions and achieving a 30% growth in its key areas of specialty, reinsurance, and international markets.
Post-acquisition, the UAE-based broker will operate under the name BMS Masaood. It will continue to focus on its established areas of expertise in the energy, institutional, and affinity sectors. Furthermore, BMS Masaood plans to diversify into new specialisms, complementing BMS’s specialty operations based in London.
“I am delighted to be able to announce the formal completion of our partnership with BMS Masaood,” said Peregrine Towneley, chairman of international operations at BMS. “Developing a hub in this key financial region is a crucial part of BMS’s growth strategy and the expertise of BMS Masaood has been and will continue to be crucial to this.”
Vedanta Baruah, CEO of BMS Masaood, also expressed enthusiasm about joining the BMS team.
“Our philosophies and approach to business are well aligned and made the acquisition process all the more seamless. I have no doubt that becoming a part of BMS’ growth story promises an exciting future for BMS Masaood and look forward to deepening our ties and accelerating the work we do together under the BMS name,” Baruah said.
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