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RPC advises Besso Insurance Group on its acquisition by global brokerage company BGC Group

Published on 17 January 2017

RPC, the City-headquartered law firm, has advised Besso Insurance Group, the leading Lloyd’s of London broker, on its acquisition (subject to completion) by BGC Group, the global brokerage company. Completion is subject to the satisfaction of customary conditions.

As part of the deal, ongoing management and employees have agreed to roll over a proportion of their existing Besso shareholdings into BGC shares, with Besso’s Colin Bird continuing as Chairman, and Robert Dowman and Russell Nichols becoming Joint CEOs post-completion.


Besso Insurance Group is a leading independent Lloyd’s of London broker with a strong reputation across Property, Casualty, Marine, Aviation, Professional and Financial Risks and Reinsurance.


BGC Group is a leading global brokerage company servicing the financial and real estate markets.


The RPC deal team was led by Head of Corporate Insurance and Financial Services, James Mee, assisted by Jason Varney and Andy Price, Senior Associates.


Commenting on the deal James Mee says: “We are very pleased to have acted on this high profile London market transaction.”


“The teams at Besso, B.P. Marsh and BGC and all the advisers worked very hard to deliver this deal and we wish management and the wider team much success under BGC’s ownership.”


“This is the latest in a series of London insurance market M&A transactions in which RPC has helped our clients, and we’re most grateful for their support.”


Other recent deals on which RPC's corporate insurance and financial services team has advised include:


  • The sale of Ontario Teacher's Pension Plan backed Lloyd's underwriter ANV to  AmTrust
  • The acquisition of broker RFIB by funds managed by Calera Capital
  • The management buyout of specialist Lloyd's broker Lonmar Global Risks Limited
  • Lloyd’s insurer Chaucer on its special purpose arrangement with AXA
  • The consent process in respect of SCA's €4bn EMTN programme as part of its proposed demerger

BGC Group was advised by Ashurst (Rob Aird and Nick Rainsford).