US insurance broker Brown & Brown has signed an agreement to acquire the general insurance operating companies of BdB for an undisclosed sum.
The deal, which is subject to certain closing conditions, is expected to close in the second quarter of 2022.
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Established in 1993, BdB is a specialist wholesale broker offering speciality insurance cover in both the UK and European markets.
The specialist broker’s team specialises in offering a variety of insurance solutions via an open market brokerage or as an MGA for some lines of business.
Currently, BdB is comprised of BdB (UK) Limited, BdB Limited, BdB Europe SRL, Mithras Underwriting Limited, Mithras Underwriting Europe SRL and Mithras Underwriting Italia SRL.
Upon completion, the insurance broking group will continue to operate out of its locations in London, Belgium and Italy.
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By GlobalDataBdB will report to Steve Boyd, president of Bridge Specialty Group, which was launched by Brown & Brown last year to encompass all wholesale brands.
Boyd said: “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 recognised that they would be a great cultural fit within our organisation.
“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.”
Brown & Brown focuses on delivering risk management solutions to individuals and businesses. In November last year, the company the assets of Heacock Insurance Group to boost its footprint in Florida.
