Ashurst advised BGC Partners and certain of its affiliates on the acquisition of Besso Insurance Group, an independent Lloyd's of London insurance broker.

The overall deal will see BGC Partners, a leading global brokerage company servicing the financial and real estate markets, become the sole owner of Besso, which is currently valued at £70.5 million.

This is an important transaction for BGC as it marks the US-listed securities broker's first acquisition in the insurance industry, representing a strategic development for the group, which has existing interests in the equities brokerage and real estate businesses.

The Ashurst team was led by corporate partner Rob Aird, assisted by senior associate Audrius Skeivys, and solicitor Caroline Johansen. Senior associate James Seddon advised on the tax aspects. Partner Marcus Fink advised on the pension aspects and counsel David Baxter provided incentives advice. Partner Jake Green advised on the regulatory aspects. Partner Mark Lubbock provided IP advice, assisted by associate Shreedevi Chatterjee. Counsel Jonathan Hoare advised on the real estate aspects. Litigation advice was provided by senior associate Antonia Croke. Senior associate Sean Coyne advised on the employment aspects, and associate Claire Duckworth provided banking advice.