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BMS Re, which launched operations in Bermuda in August 2021, has announced its acquisition of Calomex, the Mexico City-based specialist reinsurance broker. The terms of the transaction were not disclosed.
Established in 1996, Calomex delivers reinsurance solutions to Mexican surety providers, with treaties typically placed into the Miami, Continental European and London markets.
BMS will acquire Calomex in full. Jorge Bellot, president of Calomex, will report to Aidan Pope, executive chairman & CEO of BMS Re.
The acquisition forms part of BMS Re’s strategy to expand upon its current Miami hub into the region’s biggest reinsurance markets and follows the acquisition of PWS Mexico and the launch of BMS Re Brazil, in 2021. BMS RE said the addition of Calomex provided a platform for enhancing its existing treaty reinsurance offering in Mexico.
For the foreseeable future, Calomex will retain its brand and infrastructure, while working closely with Mario Rochell and Gabriel Iñesta’s team at PWS Mexico, which will itself shortly be renamed as BMS Re Mexico, subject to regulatory approval.
Pope said: “Bringing on board the Calomex team is of real strategic importance to BMS as it further strengthens our expanding reinsurance capabilities in Latin America. Calomex’s team, also including Gustavo Scheffler and Diego Bellot, has unrivalled expertise in treaty reinsurance for surety providers.”
He continued: “We will work with them to capture surety business further afield and collectively to expand into other property and casualty classes. I am also pleased to have found a partner who genuinely values its clients and its people just as much as we all do at BMS Re.”
Bellot added: “Joining BMS Re will give both us and our clients access to broad global expertise and markets. And while we will always remain specialist, particularly in the surety markets where we value our longstanding client relationships, we look forward to working with our new colleagues to expand our ability to help our customers across a wider spectrum of classes of business.”
BMS Re, Calomex