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BGC Partners acquires Besso Insurance Group

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BGC Partners, a brokerage company servicing the financial and real estate markets, is to acquire Besso Insurance Group, an independent Lloyd's of London insurance broker.

Shaun D Lynn, president of BGC Partners, says: "We are excited about this strategic acquisition in the insurance brokerage sector. After extensively researching the insurance brokerage industry, Besso stood out as providing an excellent platform on which to establish a new vertical. Over time, we expect to build a sizable insurance brokerage division within the company.”
 
Besso generated revenue of approximately GBP44 million in the financial year ended 31 December 2016. The transaction is expected to be immediately accretive upon closing.
 
Through its previous acquisition of US real estate services business Newmark Grubb Knight Frank, BGC Partners has built new brokerage verticals. Since 2011, BGC has increased the revenue run-rate of its real estate services business by more than five times to over USD1 billion annually.
 
"I am delighted that Besso is joining BGC Partners, a large and well capitalised company with a global footprint and demonstrable success in building brokerage businesses,” says Colin Bird, vhairman and CEO, Besso Insurance Group. "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 grow our franchise.”
 
Upon the close of the transaction, Bird will continue as chairman of Besso. Robert Dowman and Russell Nichols will become joint CEOs, each reporting to Lynn. 

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