BMS Group (“BMS”), the independent specialist (re)insurance broker, today announced that it has agreed to acquire PWS Mexico, the Mexico City-based specialist reinsurance broker.
Founded in 2000, PWS Mexico has provided solutions to a range of Mexican clients, with a focus on Engineering, Energy, Property & Casualty and Specie, with many risks placed into the London and Miami markets.
BMS will acquire PWS Mexico in full, with staff and infrastructure transferring into BMS Re Latin America & Caribbean (LAC). Mario Rochell, President of PWS Mexico and Gabriel Iñesta, CEO, will report into Aidan Pope, Executive Chairman & CEO of BMS Re LAC.
The acquisition forms part of BMS Re LAC’s strategy to expand upon its current Miami hub into the region’s biggest reinsurance markets, following the launch earlier this year of BMS Re Brazil.
Pope said: “The acquisition of PWS Mexico represents a significant step in the expansion of BMS Re in LAC, allowing us to better serve Mexican and other regional cedants across a range of Facultative Reinsurance and Specialty products. We are already working with PWS Mexico to develop new Treaty business too."
Iñesta said: “We have seen a considerable increase in demand for specialised advisory services in the reinsurance market in Mexico. With BMS Re’s extensive sector experience and global platform including analytics, allied to PWS Mexico’s local resources and expertise, we are well placed to meet this growing demand. We are confident that, together, we have the scale and capabilities to drive the next stage of our growth in the region. My colleagues and I are very excited to work with Aidan and all at BMS Group.”
Nick Cook, CEO of BMS Group, added: “I am very pleased to welcome Mario, Gabriel and their team to BMS. Our firms have been working together very well for a number of years and this provides a great basis for enhanced growth going forwards.”