The general insurance operating companies of Lloyd’s broker BdB Limited are being acquired by Brown & Brown, Inc.
For an undisclosed sum and subject to certain closing conditions, BdB Limited, BdB (UK) Limited, BdB Europe SRL, Mithras Underwriting Limited, Mithras Underwriting Europe SRL, and Mithras Underwriting Italia SRL are set to become part of Bridge Specialty Group, which was launched by Brown & Brown a year ago.
The wholesale broker, which came to life in 1993, will continue to operate from its current locations in London, Belgium, and Italy under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye, and Matthew Kendall.
“From our origins of a small Italian team which joined forces with a French team and later a UK team, we have prospered by serving the needs of our clients and above all by aiming to look after our employees,” highlighted de Besi. “We have reached the stage in our growth when, to move forward and to secure the future of our staff, we recognised we needed the backing of broader shoulders.
“From the very first meeting, Brown & Brown stood out as the firm which shared our values, was keen to work with us, and met our objectives for the future. We are excited about joining the Brown & Brown family and are convinced that with their help we will continue to prosper and grow expanding our collective presence in Europe.”
Meanwhile, “very excited” to welcome BdB is Bridge Specialty Group president Steve Boyd.
He commented: “As a leading wholesale brokerage and MGA (managing general agent) platform, BdB has earned a longstanding reputation as a best-in-class provider with their agency and carrier partners.
“We quickly recognised that they would be a great cultural fit within our organisation. Collectively, we believe that we can continue to create differentiated products and service capabilities that meet the evolving needs of customers in the UK and mainland Europe.”
The transaction is expected to be completed in the second quarter of 2022.
