J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc., and the management ownership team of the BdB Limited companies announced on Monday that Brown & Brown, Inc. has entered into an agreement to acquire the general insurance operating companies of BdB.
The transaction is anticipated to close in the second quarter of the year, subject to certain closing conditions, as per a comunicatul de presă.
BdB Limited has grown to be a preeminent specialist wholesale broker providing access to specialty insurance products for insurance professionals in both the UK and the European markets. Today, the BdB Limited companies include BdB (UK) Limited, BdB Limited, BdB Europa SRL, Mithras Underwriting Limited, Mithras Underwriting Europe SRL and Mithras Underwriting Italia SRL to ensure continued access to the European single market.
The BdB team specializes in providing a range of insurance solutions through open market brokerage or acting as an MGA for specific lines of business. BdB will continue to operate from current locations in London, Belgia and Italy and under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye and Matthew Kendall. BdB will report to Steve Boyd, president of Bridge Specialitate Grup.
Boyd stated, “We are very excited to welcome Silvestro and the talented team at BdB to Bridge Specialitate 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 said, “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.”
Brown & Brown, Inc. is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 12,000 teammates in more than 300 locations across the U.S. and select global markets, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.
Bridge Specialitate Group is a team of companies focused on bringing the power of collective size and specialty to the wholesale brokerage marketplace. Comprised of more than 25 boutique brands, Bridge Specialitate Group is creating a more seamless way to connect the varying needs of our retail partners with the market clout and talents of our wholesale entities. To learn more about Bridge Specialitate Group and our team of niche-focused brands, visit bridgespecialtygroup.com.