BMS, the UK-based independent specialist insurance and reinsurance broker, today announces the acquisition of Seoul-based insurance broker, Value-add Insurance Broker (VIB).
As part of the acquisition, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist M&A insurance solutions to the Korean market. The move is part of BMS’ strategy to expand its presence in the Asia Pacific region, with Korea joining its global private equity and mergers & acquisitions (M&A) insurance operations in Singapore, Hong Kong, London and Toronto.
VIB, a specialist in M&A and financial lines insurance, was established in early 2021 by Lee Yongtak and has grown rapidly since. Lee will become CEO & managing director of BMS Korea. With more than 20 years’ experience as both a broker and underwriter in Korea, he is widely recognised as an industry leader who has been instrumental in the growth and development of M&A insurance in Korean transactions. He was most recently the senior director and head of financial lines at Aon’s Korean operations, where he developed and led the M&A insurance solutions practice for more than 10 years. Prior to this, he was an underwriter in several leading Korean and international insurance companies.
Nick Cook, CEO of BMS, said: “I am delighted to welcome Yongtak and his team to BMS. Having a local presence in Seoul aligns perfectly with our international strategy of providing clients with value-added services in the world’s leading financial services hubs.”
Sandra Lee, CEO of BMS Asia, said: “With Korea’s M&A landscape recording new highs in both transaction volume and values, there is a significant opportunity for specialist brokers to demonstrate their expertise and value to dealmakers in this robust and burgeoning market. We are thrilled to welcome Yongtak and his team to BMS and look forward to supporting our clients in the region.”
Lee Yongtak added: “I am excited to join BMS, a dynamic and fast-growing business, and a specialist in facilitating effective financial risk management for M&A transactions. We will continue to advise on and facilitate our leading insurance solutions for both Korean domestic and cross-border transactions, ensuring we continue to provide the best solutions to our clients.”