Dubai, UAE: Berns Brett Masaood (BBM), the Abu Dhabi-based independent insurance broker, financial adviser and risk management company, has confirmed the acquisition of Dubai-based consultancy Refpoint Insurance Consultants LLC (RPIC), a strategic move that strengthens its already extensive services in insurance, risk management and financial services, and expands its regional footprint.
The investment underscores BBM’s far-reaching brokerage capabilities, top-level consultancy services and sophisticated risk transfer solutions, in addition to its burgeoning corporate network, which also includes a large retail business and a growing reinsurance division.
RPIC specialises in insurance portfolio management and advisory support from its Dubai Maritime City location, providing clients with the tools to develop sophisticated and cost-effective risk transfer solutions, supported by latest technology and research.
Vedanta Baruah, CEO and shareholder of BBM, said: “We view RPIC as an ideal fit and a vital component in realising our aggressive growth targets and robust expansion plans. This acquisition is an emphatic demonstration of our aim to be the number one broker in the UAE and the standout leader in a country that is fast becoming a global centre of excellence for the insurance sector.
“The global insurance industry has witnessed a sharp drop in the past 18 months, however BBM remained focused and was least affected due to the UAE’s thriving economy, our leading market position and the advantage we own in garnering loyal customers. This has enabled us to grow our portfolio of offerings through key partnerships, and achieve a satisfactory financial performance, marking the 12th consecutive year of this growth trajectory.”
Following the acquisition, RPIC Managing Director Ken Maw will continue in his current role while working closely with the BBM Executive Director team of Alka Sudhakaran, KS Krishnan, Lavanya Mamidanna and Sam Carter on business alignment and development and reinforcing BBM’s overall proposition.
Maw said: “We are at the cusp of building some exciting associations across Africa and Asia, which will align nicely with our colleagues at BBM. I look forward to getting the wheels turning and all the necessary building blocks in place.”
Baruah, who was recently awarded a 10-year Golden Visa for the UAE in the investor and entrepreneur category, added: “This is a fantastic opportunity for us all to personally grow and learn more. We have remained true to our promise to invest in the UAE as our hub and to use this as a base to explore new opportunities in emerging markets. This new association and the wealth of relationships and skills it brings will fuel and accelerate this process.”