UK-based specialist insurance and reinsurance broker BMS has acquired South Korea’s Value-add Insurance Broker (VIB) for an undisclosed sum.

VIB will become a licensed entity called BMS Korea and operate under the BMS Asia team.

Founded in early 2021 by Lee Yongtak, VIB specialises in mergers & acquisitions (M&A) and financial lines insurance.

The acquisition is part of BMS’ strategy to strengthen its presence in the Asia Pacific region.

BMS already has M&A insurance operations in Singapore, Hong Kong, London, and Toronto.

BMS CEO Nick Cook said: “I am delighted to welcome Yongtak and his team to BMS. Having a local presence in Seoul aligns perfectly with our international strategy of providing clients with value-added services in the world’s leading financial services hubs.”

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Yongtak, who has over two decades of experience both as a broker and underwriter in Korea, will take charge as CEO & managing director of BMS Korea.

BMS Asia CEO Sandra Lee said: “With Korea’s M&A landscape recording new highs in both transaction volume and values, there is a significant opportunity for specialist brokers to demonstrate their expertise and value to dealmakers in this robust and burgeoning market.”

Yongtak added: “We will continue to advise on and facilitate our leading insurance solutions for both Korean domestic and cross-border transactions, ensuring we continue to provide the best solutions to our clients.”

Earlier this year, BMS established a new unit in Turkey as part of its expansion plans.