BMS, the independent specialist insurance and reinsurance broker, today announces the acquisition of Trean Intermediaries (“Trean”), the US-based independent reinsurance broker and services company by BMS Re.
Founded in 2013 as a joint venture with Trean Corporation, Trean Intermediaries specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurer and MGA clients. BMS Re has acquired Trean in full, with staff and infrastructure transferring to BMS Re. Sean Ryan, President of Trean, will assume the newly created role of Deputy CEO, BMS Re and will report to Pete Chandler, President and CEO of BMS Re.
The acquisition will cement BMS Re’s position as a major force in placing property catastrophe reinsurance, as well as strengthening BMS Re’s geographic presence in key growth areas such as Florida, North Carolina, Los Angeles and the Greater Boston Area. Trean’s impressive growth profile, with a compound annual revenue growth rate of 49% over the period 2018-2021, combined with its long-tenured and loyal client base make it a natural strategic fit for BMS Re.
Ryan held a number of key underwriting roles prior to joining Trean Corp in 2009. He began his broking career at Carvill America where he was a Senior Vice President in the Connecticut and New York offices.
JJ Johnson, Managing Partner at Trean, will assume the role of Chief Production Officer, BMS Re. He began his career on the underwriting side of the business at Chartwell Re in 1995. In 1999, he was part of the founding team of Axiom Intermediaries which evolved into the fifth largest reinsurance intermediary in the US. In 2005, Axiom was sold to Brown & Brown and Johnson remained as President until 2010.
Ryan and Johnson will be joined by two senior partners, Mark Rex and Jeff Sorrels. Rex, who joined Trean in 2019, brings 34 years of experience in the property and casualty reinsurance markets during which time he has worked for Willis, Aon and Guy Carpenter where he led workers’ compensation program practices.
Sorrels brings extensive property/casualty broking expertise and years of technical experience as he was a catastrophe modeller at Trean for regional and national business. Combined, the four have more than 107 years’ experience in the reinsurance industry, with 90 of those in property and casualty reinsurance business.
Nick Cook, Group CEO of BMS, said: “This acquisition underlines our strong commitment to the growth of our reinsurance business as well as the scale and diversity of our offering. We have an excellent team at BMS Re, with market-leading analytical capabilities, in which we are continuing to invest extensively, both in terms of technology and talent. The backing of our long-term investors allows us to leverage substantial financial firepower to implement a strategically aligned M&A strategy that sits alongside our proven organic growth model.
Our two businesses have a strong cultural alignment, with the team at Trean placing the same value in independence, entrepreneurial spirit and client-focused operational practices that we do here at BMS.”
Chandler added: “The acquisition of Trean represents an exciting and significant addition to the BMS Group. We have known the team for many years and it will certainly be refreshing to join forces with Sean Ryan, JJ Johnson, Mark Rex, Jeff Sorrels and the entire Trean team. With this move, we are further strengthening our grip as a top-tier reinsurance broking business able to compete at the highest levels. To us, it is important to be the independent reinsurance broker of choice and we are thrilled to announce this important step in growing our presence and reach in the reinsurance broking market.”
Ryan added: “We are excited to join the fast growing BMS Re and expand the number of analytical services we can provide our client base. We have a great group of clients and colleagues that have always enjoyed our entrepreneurial approach and we look to bring that spirit to BMS Re”