Besso Insurance Group

Besso Insurance Group is an independent Lloyd's of London insurance broker with origins tracing back to the Besso family, a notable name in Italian insurance. The company in its modern form was established in 1985 through a management buy-out led by founding members including Howard Green and Colin Marshall. Initially focusing on the North American market, the firm expanded globally to offer treaty and facultative insurance across numerous business lines. A significant milestone occurred in March 2017 when BGC Partners, a global brokerage company, acquired Besso for £70.5 million. Subsequently, in 2021, The Ardonagh Group acquired the insurance operations of BGC Partners, making Besso part of Ardonagh Specialty and Capital, the largest independent specialty broker in the London market.

Besso operates as a wholesale, reinsurance, and retail insurance broker, providing clients with specialized access to Lloyd's and other major insurance markets. The firm's business model revolves around offering bespoke insurance and reinsurance solutions for complex and high-risk placements. It caters to a diverse client base, from individuals to large corporations, and often engages with new placements, start-ups, and non-standard risks. A specialized unit, Advance Fee Services, was formed in 2005 to manage fee processing and collections for underwriter-appointed experts, operating on a "no recovery, no fee" basis.

The company's service portfolio is extensive, structured across several divisions including Property, Casualty, Marine, Aviation, Professional and Financial Risks, and Reinsurance. The Property division handles programs for everything from small properties to skyscrapers and high-value homes. The Casualty division focuses on complex liability placements for sectors like construction, healthcare, and pharmaceuticals. Its International division, the largest by revenue, covers a wide array of risks such as personal accident, fine art, and professional indemnity. The Marine division provides specialist cover for vessels ranging from blue and brown water ships to superyachts. Besso also developed an in-house facility called "BESPI" to offer comprehensive Professional, Cyber, and Technology products with limits up to $5 million, backed entirely by Lloyd's of London capacity.

Keywords: Lloyd's of London broker, specialty insurance, wholesale insurance, reinsurance broker, property and casualty insurance, marine insurance, aviation insurance, professional indemnity, financial risks, BGC Partners acquisition, Ardonagh Group, complex risk solutions, facultative insurance, treaty reinsurance, binding authorities, North American property, high-risk insurance, kidnap and ransom, fine art insurance, cyber liability insurance