UK-based specialist insurance and reinsurance broker BMS Group has reached a deal to purchase Australia’s Bluebook Insurance Brokers for an undisclosed sum.

With headquarters in Brisbane, Bluebook provides its clients with customised insurance broking, risk management, and claims handling services.

Established in 2018, the company has expertise in the mid-market corporate industry. It also offers advice on general insurance tools and risk management offerings.

It is jointly led by Peter Apolakiatis and Stephen Moore, both of whom will continue to become part of the business.

They will also assume additional regional leadership positions with BMS.

The latest deal represents the sixth acquisition carried out by BMS over the last 12 months amid plans to expand its business in Australia.

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By GlobalData

It will see BMS acquiring the entire business of Bluebook, with the employees and infrastructure shifting into BMS’ current operations base in Australia.

BMS Australian business chief executive Andrew Godden said: “This transaction is in line with BMS’ global strategy to deepen our expertise in our chosen areas of specialisation and be a realistic alternative to the large broking houses.

“Bluebook was particularly attractive to us because it also shares very similar cultural values to BMS, and its senior management is passionate about supporting their staff and clients to achieve success.”

In May this year, BMS announced the purchase of Australian managing general agent (MGA) GARD Insurance.

Founded in 2015, GARD serves diverse businesses, including small and medium enterprises (SMEs) and multinational companies.