Specialist insurance and reinsurance broker BMS Group has entered into an agreement to acquire West Australian specialist broker Western United Financial Services (WUFS).
The terms of the transaction have not been disclosed.
Founded in 2002, WUFS offers tailored insurance broking, risk management and claims handling services. At the same time, the firm also advises on the full range of general insurance products, and also offers risk management solutions, which includes the design, development, training and implementation of workers’ compensation, injury management and workplace health and safety systems.
The company is headed by Brett Waterman who has over 40 years of industry experience, and is an owner of WUFS.
Additionally, Waterman was also a former president of the National Insurance Brokers Association (NIBA) in Western Australia.
It has been confirmed that BMS will acquire WUFS in full, with all staff and infrastructure transferring into BMS’ existing Australian business. Waterman will also remain within a leadership role after the acquisition and he will lead the BMS business in Western Australia.
Andrew Godden, chief executive of BMS’ Australian business, commented: “The acquisition of Western United Financial Services presents another step in the expansion of BMS in Australia and, as well as providing us with more depth in some specialties, it also gives us access to additional ones such as Hospitality and Transport. Brett and his team have built up a very successful and well-respected business and we look forward to working with them in the future.”
Waterman, added: “This is an exciting transition for WUFS as BMS is a partner that shares very similar values and, like us, is commited to ensuring all our clients are valued and that a commitment to service excellence is paramount. This deal will provide us with the advantages that come with being part of a global speciality broking organisation with significant risk expertise, depth of market knowledge and highly regarded technology platforms.”
Further, this announcement follows a number of recent acquisitions made by BMS. Earlier this month, the firm entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a leading United Arab Emirates (UAE) insurance broker.
Elsewhere, in January, BMS acquired Austbrokers Coast to Coast (C2C), a specialist Australian corporate, business, and retail broker.
