BMS Re acquires Calomex
BMS Group has announced that subsidiary BMS Re acquired 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 LAC.
The acquisition forms part of BMS Re LAC’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. The addition of Calomex provides BMS Re 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. We will work with them to capture surety business further afield and collectively to expand into other property and casualty classes.”