Eurazeo-backed BMS picks up two Canadian insurance brokers

• BMS is a London-based speciality insurance and reinsurance broker
• BMS’ other existing shareholders include British Columbia Investment Management Corp and Preservation Capital Partners
• Eurazeo is headquartered in Paris

BMS Group, backed by Eurazeo, British Columbia Investment Management Corp and Preservation Capital Partners, has acquired Smith & Reid Insurance Brokers along with O’Neil Insurance. No financial terms were disclosed.

Smith & Reid Insurance Brokers is headquartered in Ottawa and O’Neil Insurance is based in Renfrew, near Ottawa. O’Neil offers home, auto, cottage and RV insurance and several commercial coverages. Smith & Reid offers coverage in areas of construction, real estate portfolios, oil and petrol distribution and auto dealerships.

The acquisition provides BMS with the opportunity and platform to expand into specialty retail in Canada, according to a press statement.

Paris-based Eurazeo made an additional investment in BMS in December 2022, acquiring up to 34 percent of its share capital and investing up to £355 million ($443 million).

British Columbia Investment Management Corp and Preservation Capital Partners invested in BMS in October 2019. The firms are headquartered in Victoria, British Columbia and London, respectively.

Eurazeo is a global investment group with a portfolio of €35.2 billion in assets under management.