Besso Insurance Group Limited, the holding company for a group operating as a specialist insurance and reinsurance broker, today announces it has reached an agreement to sell the business to BGC Partners.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. It has had success in the Financial Services arena trading as Voice and Electronic Brokers, and more recently in the Real Estate Sector as Newmark Grubb Knight Frank. The acquisition of the Besso Group will be BGC Partners’ first venture into the insurance market and will complement its other business areas.
The deal was struck following talks with several interested parties. BGC Partners was selected as the best partner for Besso as it is similar in its agile and dynamic approach. Like Besso, BGC Partners is an expert in its field and built upon the foundation of cutting edge technology and exceptional talent. BGC Partners will allow Besso to continue to attract entrepreneurial talent whilst protecting its staff and retaining its independent status.
Commenting on the sale, Colin Bird, Chairman and Chief Executive of Besso Group, said:
“I am delighted that Besso is becoming a part of BGC, a larger and better capitalized company with a global footprint and demonstrable success in building brokerage businesses. The opportunities this deal presents are substantial. BGC and its affiliates have deep relationships with leading companies in real estate, financial services, and other industries, which we believe will help us in growing our existing franchise.
“I would like to thank all Besso staff and management for their hard work in getting us to this point and also B.P. Marsh for their strong support throughout the last 21 years. All of us at Besso look forward to this new beginning.”
Upon the close of the transaction, Colin Bird, current Chairman and Chief Executive, will remain Chairman of Besso, with Robert Dowman and Russell Nichols becoming Joint Chief Executives.
Details of the transaction were not disclosed, and completion of the transaction is subject to legal and regulatory approvals and certain closing conditions.