UK-based specialist insurance and reinsurance broker BMS Group has completed the acquisition of Canadian insurance brokers Smith & Reid Insurance Brokers and O’Neil Insurance.
Smith & Reid specialises in construction, real estate portfolios, oil and petrol distribution and auto dealership sectors among others.
As part of the merger, Smith & Reid is led by president Jeff Smith and vice-president Dan Reid will now collaborate with BMS Group Canada president and CEO Brian Gomes.
Why it matters
Commenting on the latest development, Gomes said: “The acquisition of Smith & Reid supports our long-term, high-growth strategy in Canada.
“Its excellent reputation in Ottawa and beyond complements BMS’s ambitions to acquire companies that offer the highest levels of customer service suited to a global business while backed by exceptional local talent. I am excited to work with Jeff and Dan and I’m certain the transition will be seamless.”
Reid said: “Having worked with Brian in the past, I’m particularly excited to see our teams coming together, not only for what this means in terms of delivering on the kind of culture Jeff, Brian and I pride ourselves on, but what it means for our clients.”
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Neither company disclosed the financial details of the deal.
However, through this takeover, BMS will gain the prospect and platform to expand its business into the speciality retail segment in Canada, where the company already possesses capabilities in affinity, captive management and capacity distribution.
In July 2023, BMS Group signed a deal to acquire Australian Bluebook Insurance Brokers for an undisclosed sum. The shopping spree may not be over just yet.
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