Independent broking specialist BMS Group has announced further expansion plans in Latin America, having agreed to acquire PWS Mexico, a Mexico City-based specialist reinsurance broker.
PWS Mexico was founded in 2000 and provides broking services to a range of Mexican clients, largely in Engineering, Energy, Property & Casualty and Specie, with many risks placed into the London and Miami reinsurance markets.
BMS is set to acquire PWS Mexico in full, taking on all staff and infrastructure which will become part of BMS Re Latin America & Caribbean (LAC).
Mario Rochell, President of PWS Mexico and Gabriel Iñesta, CEO of the company, will both report into Aidan Pope, Executive Chairman & CEO of BMS Re LAC.
The company said this acquisition is part of BMS Re LAC’s strategy to expand upon its current Miami hub into the region’s biggest reinsurance markets, following on the heels of a launch of BMS Re Brazil earlier this year.
Pope commented on the news, “The acquisition of PWS Mexico represents a significant step in the expansion of BMS Re in LAC, allowing us to better serve Mexican and other regional cedants across a range of Facultative Reinsurance and Specialty products. We are already working with PWS Mexico to develop new Treaty business too.”
Iñesta added, “We have seen a considerable increase in demand for specialised advisory services in the reinsurance market in Mexico. With BMS Re’s extensive sector experience and global platform including analytics, allied to PWS Mexico’s local resources and expertise, we are well placed to meet this growing demand. We are confident that, together, we have the scale and capabilities to drive the next stage of our growth in the region. My colleagues and I are very excited to work with Aidan and all at BMS Group.”
Nick Cook, CEO of BMS Group, also said, “I am very pleased to welcome Mario, Gabriel and their team to BMS. Our firms have been working together very well for a number of years and this provides a great basis for enhanced growth going forwards.”