Kastor Holdings has acquired BritAmerica and its BMG Insurance Brokers subsidiary as part of its plans to expand into America.
Nick Andrews, group chief executive officer of Kastor Holdings, said: “This is a transformational deal for us and is an exciting opportunity. We are delighted to have completed this transaction and to add both BritAmerica and BMG to the growing Kastor group of companies. It gives us an excellent footprint in the US and in the specialist markets of equine, livestock and pet insurance.”
BritAmerica, which is based in Dallas, Texas was founded by Simon Hall in 2002 and is a leading specialist equine, livestock and pet managing general agent (MGA) in the United States. The specialist MGA also trades internationally through its wholly owned Lloyd’s of London broker BMG. BritAmerica is licensed to write insurance business in 50 US States.
Kastor Holdings owns Lloyd’s of London brokerages Ramon International Insurance Brokers Limited and Sanctuary Insurance Brokers Limited, as well as Ramon Korea Limited. The company’s expansion into Asia was announced in September when Kastor Holding bought a majority stake in Seoul-based CKI Korea.
Ramon International was set up in 1980 as an independent broker in Lloyd’s and has been recently expanding its lines of business to include property, treaty, construction and engineering, specie and liability, among others.
Andrews; Clive Edwards, COO of Ramon International; and Paul Wells, director of Kastor Holdings, will join the BritAmerica and BMG boards as directors. Dominika Wojtyczka, divisional director of operations at BMG Insurance Brokers, and Beverley Curtis, deputy chief operating officer of Ramon International, will also join the BMG board, all subject to regulatory approval.
Hall said: “This is a perfect fit for BritAmerica and BMG and allows our experienced and specialist team to continue to develop and expand our range of products in the United States and internationally within our equine, livestock and pet niche.”
