Specialist re/insurance intermediary BMS Group has announced the acquisition of specialist reinsurance broker Calomex by BMS Re.
The financial value of the deal was not disclosed.
Founded in 1996 and based in Mexico City, Calomex offers reinsurance solutions to Mexican surety providers, with treaties placed into the Miami, London and Continental European markets.
The firm will be acquired in full, with Calomex president Jorge Bellot reporting to BMS Re LAC executive chairman and CEO Aidan Pope.
Calomex’s takeover is part of BMS Re LAC’s strategy to expand its current Miami hub into the region’s biggest reinsurance markets. Through the deal, BMS Re hopes to enhance its exciting treaty reinsurance offering in Mexico.
This comes after the acquisition of PWS Mexico, which is set to be rebranded as BMS Re Mexico and the launch of BMS Re Brazil last year.
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Pope said: “Bringing on board the Calomex team is of real strategic importance to BMS as it further strengthens our expanding reinsurance capabilities in Latin America. Calomex’s team, also including Gustavo Scheffler and Diego Bellot, has unrivalled expertise in treaty reinsurance for Surety providers.
“We will work with them to capture Surety business further afield and collectively to expand into other property and casualty classes.”
Bellot said: “Joining BMS Re will give both us and our clients access to broad global expertise and markets. And while we will always remain specialists, particularly in the Surety markets where we value our longstanding client relationships, we look forward to working with our new colleagues to expand our ability to help our customers across a wider spectrum of classes of business.”
In May this year, BMS opened a new unit in New Zealand called BMS Risk Solutions.