Independent specialist re/insurance broker BMS has entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a leading United Arab Emirates (UAE) insurance broker.
Headquartered in Abu Dhabi and Dubai and established in 2007, BBM has expanded significantly in recent years providing extensive risk transfer solutions for large complex programs across many industries, with specialisms in energy, institutional and affinity sectors for corporate and government entities.
According to the announcement, after the acquisition is complete, which is subject to regulatory approvals, BBM will be known as BMS Masaood.
Peregrine Towneley, chairman of international operations at BMS, noted that the company is delighted to formalise its partnership with BBM as they have been very keen to develop a hub in this key financial region for some time.
He added: “BBM is extremely well positioned for future growth and is actively looking to expand into new specialisms which are complementary to our Specialty London operations.
“Their focus on these specialisms alongside their people-first and client-centric approach perfectly complements our own philosophy. The BBM team has a deep understanding of the region, which will be a great asset to BMS as we look to further our expertise in the market.”
Vedanta Baruah, CEO of BBM, said: “Working with BMS enables us to expand our global footprint and continue to effectively manage client needs. BMS has a deep pool of expertise
and provides us with the capital we need to expand and grow. We are excited to join the BMS team and look forward to what the future will bring.”
