Munich Re buys London-based MGA

LONDON—Munich, Germany-based reinsurance and insurance group, Munich Reinsurance Co. has acquired London-based broker and underwriting managing general agent Bell & Clements Ltd.

The company, which acts as a Lloyd's of London broker, is a managing general agent in the United Kingdom and the United States. It operates in the United States through Bell & Clements Inc., based in Reston, Virginia.

Bell & Clements, manages some $300 million of primary business, including property and small commercial business, on behalf of Munich Re and other insurers.

Georg Daschner, member of Munich Re's board of management said: "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."

The purchase price and terms of the deal were not disclosed.