Munich Reinsurance has bought the Bell & Clements Group for an undisclosed amount...
Munich Reinsurance has bought the Bell & Clements Group.
Both parties have agreed not to disclose the purchase price for this transaction.
Bell & Clements operates primarily as an underwriting manager in the US and the UK.
Georg Daschner, member of Munich Re's board of management commented: "The acquisition of Bell & Clements is a first response to Munich Re's recently announced strategy to achieve bottom-line growth. We are leveraging our combined insurance and reinsurance capabilities in order to exploit broader business possibilities. This is where we achieve substantial synergies."
Daschner, added: "This is a perfect fit. The two organisations have the same business philosophy and a mutual bottom-line approach to underwriting. We have a very high regard for the management and staff of Bell & Clements and are confident that this team will continue to make a significant contribution to the strategic and operating performance of the company and the whole Group in the future."
