BMS to acquire WA-based Western United Financial Services

Report proposes 'self-funding' insurance model for export industries

BMS Group has entered into an agreement to acquire WA specialist broker Western United Financial Services (WUFS), led by Brett Waterman, as it continues its Australian expansion.

WUFS was founded in 2002 and advises on the full range of general insurance products as well as offering risk management solutions including the design, development, training and implementation of workers’ compensation, injury management and workplace health and safety systems.

“The acquisition of WUFS presents another step in the expansion of BMS in Australia and, as well as providing us with more depth in some specialties,” BMS Australian CEO Andrew Godden said.

“It also gives us access to additional ones such as hospitality and transport. Brett and his team have built up a very successful and well-respected business and we look forward to working with them in the future.”

This announcement follows a number of acquisitions by UK-based BMS as they look to grow their operations in Australia. The company will acquire WUFS in full, with all staff and infrastructure transferring into BMS’s existing Australian business. The terms of the transaction have not been disclosed.

Mr Waterman, a former WA National Insurance Brokers Association president with more than 40 years industry experience, will remain in a leadership role after the acquisition and will lead the BMS business in the state.

The firms share similar values, with a commitment to service excellent paramount, Mr Waterman says,

“This deal will provide us with the advantages that come with being part of a global speciality broking organisation with significant risk expertise, depth of market knowledge and highly regarded technology platforms,” he said.

BMS was established in 1980, delivering specialist insurance, reinsurance and capital markets advisory services. In Australia it has offices in Sydney, Melbourne, Brisbane and Perth.