BMS Group eyes UK retail growth following DR&P acquisition

Broker BMS Group has plans to accelerate its growth in the UK retail broking market following the completion of its largest acquisition to date – the purchase of commercial lines and high net worth broker David Roberts and Partners (DR&P).

The deal, which was first announced in July 2024 and completed last December, brings more than 400 new colleagues into the BMS fold and expands the group’s managed gross written premium (GWP) to over £8bn.

Nick Cook, chief executive at BMS Group, told Insurance Times that the acquisition of DR&P was pivotal for furthering his firm’s UK retail strategy and adding complementary specialisms to its global proposition.

He explained: “When we consider an acquisition, cultural alignment is the most important factor – identifying businesses that share our focus on client service and the development of talent always comes first.

“DR&P fits this principle. We had been examining opportunities to expand our footprint in the UK retail space for some time and DR&P’s evolving presence – as well as its specialisms in London – meant we perfectly complemented each other.”

The transaction saw DR&P’s chief executive, John Page, and managing director, Simon Bland, remain in post, with Page also joining BMS’ group executive committee, reporting directly to Cook. 

Client-first integration

For both firms, ensuring client service was enhanced – not disrupted – by the change in ownership was a driving force throughout the integration process.

Page said: “One of the primary challenges [post-acquisition] was ensuring that the distinct operational models, systems and processes of the two businesses could align effectively, while preserving the unique strengths of each organisation.

“Another was ensuring client relationships remained strong during the transition. Both businesses prioritise client outcomes and there was a need to reassure clients that the merger would enhance, rather than disrupt, the quality of service they’ve come to expect.”

Both Cook and Page agreed that a cultural fit and shared values were crucial in mitigating any friction or problems in the integration process.

DR&P entered Insurance Times’ Top 50 Brokers ranking for the first time in 2024’s report, which was published in December. The firm took the final number 50 spot with a revenue figure of £32.4m. For the 2025 report edition, however, the broker will be included in BMS Group’s figures.

In comparison, BMS ranked in 12th position in the 2024 Top 50 Brokers report, achieving revenue of £273.9m for the year ending December 2023.

New capabilities and specialisms

The newly combined business has created a more diversified platform for clients, the respective leaders explained, with the two brokers looking to collaborate on new opportunities – particularly in marine and property lines.

“We’re excited to support DR&P in the adoption of enhanced data and analytics functionality, as well as expanded capabilities in areas like marketing and IT,” Cook added. “We’ve developed market-leading, in-house resources that can help scale a comparatively smaller – though equally ambitious – business such as DR&P.

“The two businesses working alongside one another will create opportunities to enhance client outcomes, grow together and provide a remarkable environment for our people.”

Page said the deal had given DR&P’s clients greater access to global insurance markets, enhanced negotiating power with insurers and broader product capabilities, particularly in the London market and international arenas.

“BMS now has access to DR&P’s proven specialisms, including tailored services and deep knowledge of composite and specialist markets,” he noted. “This move enhances our ability to offer unique propositions to clients and strengthens our global presence.”

Further acquisitions?

Looking ahead, both businesses will continue to prioritise organic growth. However, further acquisitions remain on the table.

“Organic growth has always been the bedrock of our strategy, so that will remain our focus,” Cook said. “But if there are opportunities to form ties with culturally aligned, rapidly growing businesses that fit into our long-term vision – whether in the UK or beyond – we’re always open to a conversation.”

Page said he aimed to build on DR&P’s track record of double digit organic growth by leveraging its expanded resources, talent and data capabilities under the BMS banner.

As integration efforts continue into 2025, both firms remain focused on realising the benefits of the merger – not only through operational synergies, but through delivering a differentiated service across the UK retail and specialty markets.