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BGC Partners acquires Besso
Jan 04, 2017 | Latest News
BGC Partners acquires Besso
Back to News
BGC Partners acquires Besso
Jan 04, 2017 | Latest News
We are pleased to announce the successful sale of Besso to BGC Partners subject to regulator approval.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. They are experts in their fields, agile and dynamic in their approach, and built upon the foundation of cutting edge technology and exceptional talent.
They very much see themselves as Brokers and after great success in the Financial Services arena as Voice and Electronic Brokers and more recently in the Real Estate Business under the name of Newmark Grubb Knight Frank they are now venturing into Insurance via the Besso Group.
There has been much interest in our Company over the last year from Trade, Private Equity and Conglomerates and whilst flattering, we believed strongly as a Board that we needed to ensure that we maintained our independent status. The sale to BGC has achieved this. Our belief is that this will ensure we continue to attract entrepreneurial talent whilst protecting our staff and very importantly we are not seen as potential competition to our Quality Client base.
With the combined financial strength of our two companies the future looks very bright.
In my comments in the BGC Press announcement I stated
“I am delighted that Besso is becoming a part of BGC, a larger and better capitalized company with a global footprint and demonstrable success in building brokerage businesses. The opportunities this deal presents are substantial. BGC and its affiliates have deep relationships with leading companies in real estate, financial services, and other industries, which we believe will help us in growing our existing franchise. I would like to thank all Besso staff and management for their hard work in getting us to this point and also B.P. Marsh for their strong support throughout the last 21 years. All of us at Besso look forward to this new beginning.”
Upon the close of the transaction, I will continue on as Chairman but will stand down as CEO of Besso Insurance Group Limited and Robert Dowman and Russ Nichols will become Joint CEOs of the Group.
Notes to editors
Media enquiries
For all media enquiries, please contact Elinor Zuke or Abi Stevens at Zuke Communications on elinor@zuke.co.uk.
Besso
Besso is owned by The Ardonagh Group, the largest independent insurance broker in the UK.
Ardonagh Specialty
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Besso Insurance, Bishopsgate, Compass London Markets, Ed Broking, Inver Re, Piiq Risk Partners and Price Forbes. Combined, we have 1400 colleagues globally and manage $7 billion in gross written premium.
With a strong presence and deep relationships worldwide, and a steadfast commitment to investing in the best people, markets and technology, together our businesses offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.
The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. For more information, visit our website: www.ardonagh.com.