BGC Partners Buys Lloyd’s Broker Besso Insurance

BGC Partners Inc., a London and ny-based broker serving the monetaryand real estate markets, announced it has completed the purchase of Besso Insurance Group Ltd., an independent Lloyd’s of London insurance broker that specialize in property, casualty, marine, aviation, proand fiscal risks and reinsurance.

Under the terms of the agreement, an affiliate of BGC has acquired one hundred pc of Besso for a complete consideration of as much as £70.fivemillion ($87.6 million) on an enterprise-pricebasis. the acquisition worthis to be chuffedby a mixture of money and BGC stock, to be paid in full provided that sureperformance targets are met.

For the years ended Dec. 31, 201fiveand a couple of016, Besso generated revenues of roughly £38 million ($47.2 million) and £4fivemillion ($55.ninemillion), respectively. BGC expects the purchase to be immediately accretive to distributable earnings per percentageupon closing. London-based Besso had approximately 100 front-paperworkersas of year-finish2016.

“we’re delighted to endthe acquisition of Besso, an organization with an perfectreputation, a robust record of expansionand a very smartcontrolteam in order to offer our insurance brokerage business with a robust foundation,” commented Shaun D. Lynn, president of BGC Partners.

Christopher Smith, a BGC executive, will jowithin the Besso board of directors to work with the prevailing controlteam and drive the strategic expansionplan.