Company close to buying stake in Australian MGA and is eyeing London broker
Lloyd’s broker Besso is poised to make two acquisitions, says chief executive Colin Bird.
Bird told Insurance Times that the company was close to buying a 40% stake in an Australian MGA, and said that it is also looking to buy brokers in London.
Besso is majority-owned by management but private equity house BP Marsh, run by entrepreneur Brian Marsh, owns a 36.7% stake.
If BP Marsh sells its stake in Hyperion as planned, Besso will become BP Marsh’s biggest insurance broking interest.
Bird said: “It is likely that with [Marsh’s] backing we will start to make acquisitions in the London market as well.”
He added: “Brokers with revenue of £4m to £5m is our target area to start with.”
Bird said that he had just put in an offer for a London broker that, if the acquisition is successful, will help propel Besso into the African insurance market.
Besso places around 80% of its business in Lloyd’s and operates in several markets. It derives 45% of its business from North America and about 10% from the UK.
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