BMS Group, the independent specialist insurance and reinsurance broker has entered into an agreement to acquire David Roberts & Partners (DR&P).
Founded in 1977, DR&P is firmly established as one of the fastest growing UK brokers, and is listed as one of the UK’s leading independent insurance brokers.
DR&P has a team of almost 400 people in 25 offices across the UK and Europe, handling in excess of £620 million GWP for their clients. Since 2019, DR&P has completed 14 acquisitions featuring many specialty retail brokers, MG Underwriting, a managing general agent, and London based CLP Insurance brokers and ARB International. After completion, which is subject to regulatory approvals, DR&P and its subsidiary companies will continue to operate under their existing brands.
The acquisition creates a substantial opportunity for BMS and DR&P to work collaboratively to enhance client service across territories and specialisms. Leveraging the combined expertise of both businesses in specialty retail, wholesale (re)insurance and MGAs will deliver significant value to clients.
DR&P chief executive, John Page, and managing director, Simon Bland, will continue in their roles, with John reporting to Nick Cook, CEO of BMS Group, and joining the group executive committee.
Cook said: “This landmark transaction is a significant strategic step for BMS and a very proud moment in our company’s evolution. By aligning these two businesses, both of which have market-leading organic growth and ambitious expansion plans, we create a formidable force. We are delighted that DR&P selected BMS as their new home amidst considerable global interest. Our shared values, such as a commitment to people development, a growth mindset, employee ownership, empowerment, and a determination to maintain independence were pivotal in the decision.”
Page added: “We have been exploring ways of maximising our strength in specialty retail, London (re)insurance and MGA markets for some time and are delighted to have found in BMS a perfect opportunity to join forces with a highly successful, global business with a deep commitment to independent broking. BMS’ commitment to exceptional client outcomes aligns well with our own. We have countless opportunities ahead of us and I’m hugely excited about the future for our combined business.”
The transaction marks BMS’s largest acquisition to date and creates a business managing over £8 billion of gross written premiums. BMS’s investor group, Eurazeo, British Columbia Investment Management Corporation (BCI), and Preservation Capital Partners (PCP) supported the management team in this strategic acquisition, positioning BMS for further growth. The combined capital strength of BMS’s investors has empowered BMS to solidify its status as one of the leading independent specialty insurance brokers globally.
BMS were advised by Macquarie Capital, PwC, Skadden Arps and BMS Capital Advisory and DR&P were advised by Hines, Deloitte and DWF.