In the news release, BGC Partners Acquires Besso Insurance
Group, issued 04-Jan-2017 by BGC
Partners, Inc. over PR Newswire, we are advised by the company that
the headline should read "BGC Partners To Acquire Besso Insurance
Group" rather than "BGC Partners Acquires Besso Insurance Group" as
originally issued inadvertently. The complete, corrected release
follows:
BGC Partners To Acquire Besso Insurance Group Leading Lloyd's Of
London Insurance Broker Complementary Property & Casualty
Business
LONDON, Jan. 4, 2017 /PRNewswire/ -- BGC Partners,
Inc. (NASDAQ: BGCP) ("BGC Partners", "BGC", or "the Company"), a
leading global brokerage company servicing the financial and real
estate markets, today announced that it has entered into an
agreement to acquire Besso Insurance Group Limited ("Besso"), an
independent Lloyd's of London
insurance broker with a strong reputation across Property,
Casualty, Marine, Aviation, Professional and Financial Risks and
Reinsurance.
Shaun D. Lynn, President
of BGC Partners, commented on today's announcement: "We are excited
about this strategic acquisition in the insurance brokerage sector.
After extensively researching the insurance brokerage industry,
Besso stood out as providing an excellent platform on which to
establish a new vertical. Over time, we expect to build a sizable
insurance brokerage division within the Company".
Besso generated revenue of approximately £44 million in the
financial year ended December 31,
2016. The transaction is expected to be immediately accretive
upon closing.
Through its previous acquisition of U.S. Real Estate Services
business, Newmark Grubb Knight
Frank, BGC Partners has demonstrated a proven track record
of successfully building new brokerage verticals. Since 2011, BGC
has increased the revenue run-rate of its Real Estate Services
business by more than five times to over $1
billion annually.
"I am delighted that Besso is joining BGC Partners, a large and
well capitalised company with a global footprint and demonstrable
success in building brokerage businesses", said Colin Bird, Chairman and CEO, Besso
Insurance Group. "The opportunities this deal presents are
substantial. BGC and its affiliates have deep relationships with
leading companies in real estate, financial services, and other
industries, which we believe will help us grow our franchise".
Upon the close of the transaction, Mr. Bird will continue as
Chairman of Besso Insurance Group Limited. Robert Dowman and Russell Nichols will become joint CEOs, each
reporting to Mr. Lynn. Until insurance brokerage becomes a larger
part of BGC's business, it is expected to be recorded as part of
"Equities, insurance, and other asset classes" brokerage revenues
within the Financial Services segment. Details of the transaction
were not disclosed, and completion of the transaction is subject to
legal and regulatory approvals and certain closing conditions.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the
financial and real estate markets. BGC owns GFI Group Inc., a
leading intermediary and provider of trading technologies and
support services to the global OTC and listed markets. The
Company's Financial Services offerings include fixed income
securities, interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, and
structured products. BGC provides a wide range of services,
including trade execution, broker-dealer services, clearing, trade
compression, post trade, information, and other services to a broad
range of financial and non-financial institutions. Through brands
including FENICS, BGC Trader, Capitalab, and BGC Market Data, BGC
offers financial technology solutions, market data, and analytics
related to numerous financial instruments and markets.
Real Estate Services are offered through brands including
Newmark Grubb Knight Frank,
Newmark Cornish & Carey, ARA,
Computerized Facility Integration, Landauer Valuation &
Advisory, and Excess Space. Under these names, the Company provides
a wide range of commercial real estate services, including leasing
and corporate advisory, investment sales and financial services,
consulting, project and development management, and property and
facilities management.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, property owners, real estate developers,
and investment firms. BGC's common stock trades on the NASDAQ
Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC
also has an outstanding bond issuance of Senior Notes due
June 15, 2042, which trade on the New
York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is
led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please
visit http://www.bgcpartners.com. You can also follow the Company
at https://twitter.com/bgcpartners and/or
https://www.linkedin.com/company/bgc-partners.
BGC, BGC Trader, GFI, FENICS, FENICS.COM, Capitalab,
Swaptioniser, Newmark, Grubb & Ellis, ARA, Computerized
Facility Integration, Landauer, Landauer Valuation & Advisory,
and Excess Space, Excess Space Retail Services, Inc., and Grubb are
trademarks/service marks, and/or registered trademarks/service
marks and/or service marks of BGC Partners, Inc. and/or its
affiliates. Knight Frank is a service mark of Knight Frank
(Nominees) Limited.
Discussion of Forward-Looking Statements about BGC
Partners
Statements in this document regarding BGC's businesses that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties. Except as required by law, BGC undertakes
no obligation to release any revisions to any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see BGC's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
set forth in its public filings, including the most recent Form
10-K and any updates to such risk factors contained in subsequent
Forms 10-Q or Forms 8-K.
About Besso Insurance Group Limited
Founded in 1967,
Besso offers insurance broking services across a number of
divisions including Property, Casualty, International, Marine,
Aviation, Professional and Financial Risks and Reinsurance. The
firm covers its markets globally from its headquarters in
London, with additional overseas
offices in Turkey, Brazil and Hong
Kong. Besso Limited, the Lloyd's of London registered broker and Optex Group
Limited, both wholly owned Besso subsidiaries, are Authorized and
Regulated in the United Kingdom by
the Financial Conduct Authority. The Turkish subsidiary, Besso
Sigorta ve Reasürans Brokerliği Ltd, the Brazilian subsidiary,
Besso Re Brasil Corretora de Resseguros Ltda and the Hong Kong subsidiary, Besso (Asia Pacific) Limited are regulated in their
respective countries.
Please see www.besso.co.uk for more information.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bgc-partners-acquires-besso-insurance-group-300385277.html
SOURCE BGC Partners, Inc.