Global insurance brokerage Brown & Brown has reached an agreement to acquire the general insurance operating entities of BdB Limited companies, a specialist wholesale broker.
Announced today by J. Scott Penny, chief acquisitions officer of Brown & Brown and the management ownership team of BdB, the transaction is expected to close in the second quarter of this year.
Founded almost three decades ago, BdB offers access to specialist solutions for insurance professionals in the UK and European markets.
Today, its companies include BdB (UK) Limited, BdB Limited, BdB Europe SRL, Mithras Underwriting Limited, Mithras Underwriting Europe SRL, and Mithras Underwriting Italia SRL. Via open market brokerage or by acting as an MGA for specific lines, BdB’s team specialises in providing a range of insurance products.
Following the deal, BdB will still operate from its current locations in London, Belgium, and Italy, under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye, and Matthew Kendall. The company will now report to Steve Boyd, president of Bridge Specialty Group.
Bridge Specialty Group was formed in February of last year by Brown & Brown to encompass its broad portfolio of wholesale brands.
Commenting on the acquisition, Boyd said: “We are very excited to welcome Silvestro and the talented team at BdB to Bridge Specialty Group. As a leading wholesale brokerage and MGA platform, BdB has earned a long-standing reputation as a best-in-class provider with their agency and carrier partners. We quickly recognized that they would be a great cultural fit within our organization.
“Collectively, we believe that we can continue to create differentiated products and service capabilities that meet the evolving needs of customers in the UK and mainland Europe.”
Silvestro de Besi added: “From our origins of a small Italian team which joined forces with a French team and later a UK team, we have prospered by serving the needs of our clients and above all by aiming to look after our employees. We have reached the stage in our growth when, to move forward and to secure the future of our staff, we recognized we needed the backing of broader shoulders.
“From the very first meeting, Brown & Brown stood out as the firm which shared our values, was keen to work with us and met our objectives for the future.
“We are excited about joining the Brown & Brown family and are convinced that with their help we will continue to prosper and grow expanding our collective presence in Europe.”
