Re/insurance broker BMS Group’s Spanish subsidiary, BMS Mediación Iberia Correduría de Seguros y Reaseguros, has acquired insurance broker Montymarq Asociados Consultores y Corredores de Seguros.
Based in Malaga, Montymarq specialises in business, professional and affinity risks in Spain. BMS has acquired Montymarq in full.
The staff of Montymarq will join the BMS Iberia operation upon completion of acquisition and Juan de Montes will become Non-Executive Chairman of BMS Iberia.
BMS Iberia is a key operation for BMS’s European business and it continues to expand its specialty lines within the region. Montymarq is the second entity acquired by BMS in Spain this year.
This acquisition comes after BMS Iberia acquired Jurado Mata earlier in March.
Fernando Claro, CEO of BMS Iberia, said: “BMS Iberia is growing strategically: we have identified significant opportunities in several key specialty areas and we are well-positioned to be one of the top specialist brokers in Spain.
“Montymarq’s expertise and market-leading talent in the professional, personal and liabilities risk space meaningfully complement our current growing practice. I look forward to working with Juan and the team and taking our regional business to the next stage of growth.”
Montes added: “BMS Iberia has a well-deserved reputation in the Spanish market and we share its ambition to establish the business as the best-regarded independent specialist broker in the region.
“BMS’s global network, combined with our local expertise, will benefit the existing clients of both BMS Iberia and Montymarq. We look forward to working closely with the BMS Iberia team and continuing to provide high-quality and comprehensive services to our clients.”
The details of the transaction were not disclosed.