BMS Group, (“BMS”), the independent specialist (re)insurance broker, today announced the completion of the significant equity investment by affiliates of British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”) first announced in June. All required regulatory approvals have been secured.
Management and staff of BMS maintain a significant shareholding in the company and CEO Nick Cook and the executive management team remain unchanged. Representatives from BCI and PCP have now joined the BMS board.
BMS has continued to expand its capabilities, with over 140 significant broking, analytical and actuarial hires in the past 18 months including: Nick Moss (Global FD, JLT Re); Pete Chandler (Deputy CEO US reinsurance, JLT Re); James Chicken (director, Price Forbes & Partners); Gregg Holtmeier (managing director North American casualty, Guy Carpenter); Neil Prior (Chief Executive, Priority Underwriting); and Clare Whitlam (senior vice president, actuary, JLT Re). This expansion is set to gather pace following completion.
Nick Cook commented: “With BMS’s long-term future as an independent broker secured, BMS is poised for strong profitable growth. With the capital strength of BCI and PCP behind us, we are expanding in the North American reinsurance market and other high growth specialty and emerging risk lines that consistently generate strong performance. BMS has become the alternative broker of choice, with a full suite of analytical and actuarial capabilities to rival and, in some areas, exceed those of the world’s biggest broking firms, making it an attractive home for the industry’s leading talent.
“This major investment is a ringing endorsement of the London market and its continued leading role in the world’s insurance markets. I am convinced that our strategic partnership with BCI and PCP will be the gold standard for long-term investment in global wholesale and reinsurance broking for years to come.”
BMS was advised by Canaccord Genuity.