BMS Group, the independent specialist insurance and reinsurance broker with an operation in Bermuda, has agreed to acquire David Roberts & Partners, the British-based independent insurance broker.

Founded in 1977, DR&P has a team of almost 400 people in 25 offices across the UK and Europe, handling in excess of £620 million, or approximately $797 million, gross written premium for their clients.

Since 2019, BMS said, DR&P has completed 14 acquisitions featuring many specialty retail brokers, MG Underwriting, a managing general agent and London-based CLP Insurance brokers and ARB International.

After completion, which is subject to regulatory approvals, DR&P and its subsidiary companies will continue to operate under their existing brands.

BMS said the transaction marked its largest acquisition to date and creates a business managing more than £8 billion of gross written premiums.

DR&P chief executive John Page and managing director Simon Bland will continue in their roles, with Mr Page reporting to Nick Cook, chief executive officer of BMS Group, and joining the group executive committee.

Mr Cook said: “This landmark transaction is a significant strategic step for BMS and a very proud moment in our company’s evolution.

“By aligning these two businesses, both of which have market-leading organic growth and ambitious expansion plans, we create a formidable force.

"We are delighted that DR&P selected BMS as their new home amid considerable global interest.

“Our shared values, such as a commitment to people development, a growth mindset, employee ownership, empowerment, and a determination to maintain independence were pivotal in the decision.”