Brown & Brown, Inc. has entered into an agreement to acquire the general insurance operating companies of BdB. The transaction is expected to close in the second quarter of 2022, subject to certain closing conditions.
BdB specializes in providing a range of insurance solutions through open market brokerage or acting as a managing general agent for specific lines of business, the companies stated. BdB will continue to operate from current locations in London, Belgium and Italy and under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye and Matthew Kendall.
After the acquisition, the company will report to Steve Boyd, president of Bridge Specialty Group.
“As a leading wholesale brokerage and MGA platform,” Boyd said, “BdB has earned a long-standing reputation as a best-in-class provider with their agency and carrier partners. We quickly recognized that they would be a great cultural fit within our organization. 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.”
de Besi said BdB prospered by jointly serving clients and looking after the company’s employees.
“We have reached the stage in our growth when, to move forward and to secure the future of our staff, we recognized we needed the backing of broader shoulders,” de Besi said. “From the very first meeting, Brown & Brown stood out as the firm which shared our values, was keen to work with us and met our objectives for the future. We are excited about joining the Brown & Brown family and are convinced that with their help we will continue to prosper and grow expanding our collective presence in Europe.”
Formed in 1993, BdB Limited is a specialist wholesale broker providing access to specialty insurance products for insurance professionals in both the UK and the European markets. Today, the BdB Limited companies include BdB (UK) Limited, BdB Limited, BdB Europe SRL, Mithras Underwriting Limited, Mithras Underwriting Europe SRL and Mithras Underwriting Italia SRL.
