BMS Re, the reinsurance arm of the independent specialist broker, has acquired reinsurance broker firm Calomex for an undisclosed amount.
A statement from BMS said that it would acquire Calomex in full with Jorge Bellot, president of the latter, reporting to Aidan Pope, executive chair and CEO of BMS Re LAC.
Pope said: “Bringing on board the Calomex team is of real strategic importance to BMS as it further strengthens our expanding reinsurance capabilities in Latin America. Calomex’s team, also including Gustavo Scheffler and Diego Bellot, has unrivalled expertise in treaty reinsurance for surety providers. We will work with them to capture surety business further afield and collectively to expand into other property and casualty classes.”
He added: “I am also pleased to have found a partner who genuinely values its clients and its people just as much as we all do at BMS Re. I am thrilled that this acquisition represents the next stage of our long-term strategic growth plan for the region.”
The acquisition forms part of BMS Re LAC’s strategy to expand upon its current Miami hub into the region’s biggest reinsurance markets and follows the acquisition of PWS Mexico and the launch of BMS Re Brazil, in 2021. The addition of Calomex provides BMS Re a platform for enhancing its existing treaty reinsurance offering in Mexico.
Under the terms of the transaction, Calomex will retain its brand and infrastructure, while working closely with Mario Rochell and Gabriel Iñesta’s team at PWS Mexico, which will itself shortly be renamed as BMS Re Mexico, subject to regulatory approval.
“Joining BMS Re will give both us and our clients access to broad global expertise and markets. And while we will always remain specialist, particularly in the surety markets where we value our longstanding client relationships, we look forward to working with our new colleagues to expand our ability to help our customers across a wider spectrum of classes of business,” said Bellot.