Brown & Brown agrees to buy Lloyd’s of London wholesale broker

Brown & Brown Inc. said Monday it has entered into an agreement to acquire the operating companies of Lloyd’s of London broker BDB Ltd.

Terms of the deal, which is expected to close in the second quarter, were not disclosed and are subject to closing conditions.

Formed in 1993, BDB is a wholesale brokerage with an MGA platform. It has operations in London, Belgium and Italy.

Its companies include BDB (U.K.) Ltd., BDB Ltd., [BDB Europe SRL, Mithras Underwriting Ltd., Mithras Underwriting Europe SRL and Mithras Underwriting Italia SRL.

BDB restructured its business following Brexit to enable it to continue to access the European single market.

BDB will continue to operate from its current locations under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye and Matthew Kendall, Daytona Beach, Florida-based Brown & Brown said in a statement.

BDB will report to Steve Boyd, president of Bridge Specialty Group, Brown & Brown’s wholesale operation.