BMS Group, has entered into an agreement to acquire Brisbane-based Bluebook Insurance Brokers.
The deal marks the sixth Australian acquisition by BMS in the past year as the company looks to grow its operations in Australia.
Founded in 2018, Bluebook offers tailored insurance broking, risk management and claims handling services. The company specialises in the mid-market corporate sector and advises on the full range of general insurance products and risk management solutions.
Andrew Godden, Chief Executive of BMS’ Australian business, commented, “This transaction is in line with BMS’ global strategy to deepen our expertise in our chosen areas of specialisation and be a realistic alternative to the large broking houses. Bluebook was particularly attractive to us because it also shares very similar cultural values to BMS, and its senior management are passionate about supporting their staff and clients to achieve success.”
Godden expanded on Bluebook’s reasons for partnering with BMS, “BMS is a great fit for us. Not only do they bring existing scale and global representation, but we also share complementary values, centred around our staff and clients. This was very important to us. We look forward to working together with the existing BMS team to continue to grow the business in Queensland and across the country.”
Bluebook is headed by well-known Queenslanders Peter Apolakiatis and Stephen Moore.
Apolakiatis is an industry veteran and has more than 30 years of experience having worked with privately owned and ASX-listed companies supporting their insurance needs before founding Bluebook five years ago.
Moore is regarded as one of Australia’s greatest rugby union players, he joined the company in 2022 having previously worked at Queensland Treasury Corporation and Queensland Investment Corporation.
Both Apolakitais and Moore will remain with the business and will take on expanded regional leadership roles with BMS.
Bluebook’s founder Apolakiatis concluded, “This is an exciting new chapter in Bluebook’s history. Stephen and I have taken a long-term view of Bluebook’s future and we felt this partnership with BMS would provide even greater opportunities to achieve success moving forward. We would also like to acknowledge Stedfast Group for their backing over the past five years and for supporting us in building Bluebook”.
BMS will acquire Bluebook in full, with all staff and infrastructure transferring into BMS’ existing Australian business.
Source: ReInsurance News