BMS Capital Advisory, the investment banking and capital markets focused unit of insurance and reinsurance broker BMS and owned by Minova Insurance Holdings, said today that it was the sole investment banker to Coverys in its recently announced acquisition of Randall & Quilter’s Lloyd’s of London managing agency.
The acquisition, which remains subject to regulatory approval by Lloyd’s and the Prudential Regulation Authority, will see Coverys acquiring R&Q Managing Agency Limited, the authorised Lloyd’s third party managing agency of non-life insurance investor, underwriting manager, captive manager and service provider the Randall & Quilter group.
Gregg Hanson, CEO and president of Coverys, commented; “This acquisition shows our determination to further strengthen our client offerings, and we are delighted to have achieved this milestone with help of expert advice from our partners at BMS Capital Advisory.”
Romulo Braga, CEO of BMS Capital Advisory, added; “This transaction highlights the continued attractiveness of Lloyd’s to capital investors. Assisting Coverys in establishing its London market presence is a high-profile achievement for our advisory business, and we are therefore very pleased to be able to demonstrate our firm’s ability to deliver cross-border, integrated advice and institutional knowledge.”
Randall & Quilter is selling off assets that are outside of its core area of focus, with the Lloyd’s managing agency being one of them.