Independent specialty insurance and reinsurance broker BMS has agreed to acquire Spain-based specialty insurance broker Eisenar for an undisclosed sum.

Founded in 2001 by Eugenio Sanchez-Belda, Eisenar is engaged in providing industrial risks and professional sports insurance.

The insurance broker’s expertise also includes hotel & restaurants insurances, agriculture insurance (agroseguro), surety, renewable energies, cyber, construction and manufacturing solutions.

Upon completion of the deal, Eisenar CEO Carlos Sanchez-Belda will join BMS as chief commercial officer and will report directly to BMS Iberia CEO Fernando Claro.

Eugenio Sanchez-Belda would join the advisory board of BMS Iberia.

Carlos Sanchez-Belda said: “For the past 20 years Eisenar has had an exemplary track record in Spanish specialty insurance and following this acquisition its future is bright.

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“This is an important part of the journey for BMS Iberia which reinforces our reputation as a fast-growing and specialist (re)insurance broker. We are a top-five affinity broker in Spain, and we are also making investments into other specialty areas. Eisenar’s family run culture is one of their most important strategic assets.

“Their young and dynamic leadership team will be instrumental in consolidating our market presence, by driving the development of innovative solutions that are customised to the needs of each affinity and client.”

Earlier this year, BMS Group, through its specialist reinsurance arm BMS Re, agreed to acquire Mexico City-based specialist reinsurance broker Calomex for an undisclosed sum.

Calomex provides reinsurance solutions to Mexican surety providers.

Calomex’s takeover is part of BMS Re LAC’s strategy to expand its current Miami hub into the region’s biggest reinsurance markets.