US firm completes acquisition of Besso Insurance Group

American global financial services company BGC Partners has completed the acquisition of Besso Insurance Group, a Lloyd’s of London insurance broker.

 

Under the terms of the agreement, an affiliate of BGC has acquired 100% of Besso for £70.5 million, which will be satisfied by a mix of cash and stock, to be paid in full only if certain performance targets are met.

 

As part of the deal, BGC executive Christopher Smith will join the Besso board of directors to work with the existing management team and drive the strategic growth plan.

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“We are delighted to complete the purchase of Besso, a company with a great reputation, a strong record of growth and an excellent management team that will provide our insurance brokerage business with a strong foundation,” said BGC Partners president Shaun Lynn.

 

Besso has business across property, casualty, marine, aviation, professional and financial risks and reinsurance. Meanwhile, BGC Partners is a global brokerage company providing service to financial and real estate markets.

 

The Lloyd’s broker generated revenues of £38 million in 2015 and £45 million in 2016. The company currently employs 100 people.