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BMS announces completion of BCI and PCP investment

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 were advised by Canaccord Genuity.

About BMS

BMS Group is a leading independent specialist insurance broker with teams of experts in the fields of reinsurance, wholesale and direct insurance. For 38 years, BMS has provided comprehensive, customised solutions in the fields of wholesale, reinsurance and direct insurance, and capital advisory. Today, this experience and expertise, served with a spirit of creativity, allows BMS to offer a full range of integrated services. Designing individual, tailored solutions makes BMS the risk and capital management advisor clients want to work with time and again.

For more information about BMS please visit www.bmsgroup.com

About BCI

With C$153.4 billion of managed assets, British Columbia Investment Management Corporation (BCI) is a leading provider of investment management services to British Columbia’s public sector and one of Canada’s largest asset managers. We generate the investment returns that help our institutional clients build a financially secure future. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk/return requirements over time. We invest across a range of asset classes: fixed income; mortgages; public and private equity; real estate; infrastructure; and renewable resources.

For more information about BCI, please visit www.bci.ca

About PCP

Preservation Capital Partners (PCP) is a private equity firm specialising in the financial services sector. It focuses on partnering with market-leading companies with proven and resilient business models that have demonstrated strong growth. PCP has been one of the most active investors in the specialty insurance distribution market over the last few years having made investments in Ascent Underwriting, Cove Program and Bay Risk Services.

For more information about PCP, please visit www.preservationcp.com

BMS reorganises US analytics and actuarial management team as investment continues

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announced a series of management changes within its US reinsurance actuarial and analytics team.

  • Kirk Conrad has been promoted to the newly created role of Chief Analytics Officer at BMS and will oversee BMS’s US reinsurance catastrophe analytics and actuarial divisions. He joined the Group as Chief Strategy Officer in 2016 through BMS’s acquisition of Advocate Re.
  • Dave Spiegler, Chief Actuary, is retiring after a long and distinguished career at the end of the year. He will remain with BMS in a consultative role after his retirement.
  • BMS’s actuarial team will now report to Kurt Johnson, Executive Vice President. Johnson is currently based in the Group’s Minneapolis office.

Steve Korducki, BMS US CEO, said: “At BMS, analytical and actuarial capabilities are core to our strategy. We invest in the tools, talent and technology necessary to provide bespoke analysis and solutions that provide real value to clients, as our Catastrophe Analytics division did during the recent cat events. I am looking forward to continuing building out BMS’s analytics platform with Kirk, Kurt and Julie Serakos, who leads our Catastrophe Analytics team.”

“I would also like to thank Dave Spiegler for his dedicated service. Our actuarial team has grown to what it is today under his leadership and I am pleased he will be working with us in a consulting capacity for some time to come.”

BMS appoints Neil Prior as Director in the Global Risks division

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announced the appointment of Neil Prior as Director in BMS’s Global Risks division, reporting to Ian Gormley, Managing Director at BMS. The appointment is effective on September 16.

Prior will support the Global Risks division by developing market relationships and exploring new distribution channels.

Prior joins BMS with over 33 years’ broking, underwriting and MGA experience in the London insurance market. Most recently, he served as Chief Executive at Priority Underwriting, which he co-founded. Prior has also held senior roles at Sciemus Power, Ace Global Markets (now Chubb), JLT Group and Marsh Global Broking.

Gormley said: “Neil is a recognised leader in both underwriting and broking, with a deep understanding of the needs of clients and markets alike. I am excited that BMS continues to attract talent like Neil and welcome him to BMS.

Prior added: “BMS’s Global Risks division is a fast-growing team within the Group and the industry. Its employee-owned structure and notable track record of consistently bringing new risks to the market has attracted great broking talent. I look forward to joining the team and helping grow the business.”

BMS appoints Gregg Holtmeier as chief strategy officer

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announced the appointment of Gregg Holtmeier as chief strategy officer of BMS’s US reinsurance operations, reporting to Steve Korducki, US reinsurance CEO. The appointment is effective immediately. Holtmeier will join the BMS US Management Committee and will be based in San Francisco.

The appointment is the latest in a series of high-profile hires at BMS and follows the announcement of a substantial investment in the business by British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”) in June.

With over 20 years’ experience in the reinsurance markets, Holtmeier joins from Guy Carpenter, where he was most recently managing director for North American casualty. He served as head of casualty for North America at JLT Re prior to the acquisition of JLT by Marsh & McLennan Companies. In the course of his distinguished career, he has held a number of senior roles, including SVP at Aon Benfield.

Korducki said: “BMS’s resolute independence and relentlessly client-centric approach has driven its success over the past years. With the long-term investment from BCI and PCP, we are well-placed to continue as the leading independent broker with global reach in the market and to attract the very finest talent.

”Entrepreneurial, experienced individuals like Gregg will contribute to our strategic expansion in North America and I am excited to welcome him to BMS.”

Holtmeier said: “BMS is uniquely positioned to differentiate itself through its culture and robust analytic platforms. I am very pleased to be joining BMS as they are clearly positioned as the independent reinsurance broker of choice.”

BMS Expands Bermuda Operation

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the build out of its Bermuda market operation with the hiring of George Bowring from Price Forbes and Kian Wookey from JLT.

The build out in Bermuda will focus on North American liability and property respectively.

Bowring joins BMS from Price Forbes, where he originally started seven years ago in the US Non Marine team. For the past three years, he has worked as a casualty producer and placing broker for the Bermudian market specialising in complex large risks.

Wookey has seventeen years’ experience in the US property and energy markets, working with a large network of US retail brokers. He most recently served as the head of property at JLT Bermuda, having moved to Bermuda from Lloyd and Partners in 2011.

Ian Gormley, director of BMS Group, said:

“BMS has a long history with the Bermuda market; we first opened on the island back in 2002. This latest build out enhances our ability to offer choice and local market knowledge on the island rather than remotely.

George Bowring’s experience and relationships will bring an extra dimension to the BMS Energy platform given Bermuda is a critical market for this sector.

With London market capacity tightening in the property space, Kian’s track record of success in the Bermudian market will be a timely addition to our placement capabilities, benefiting existing clients and creating new opportunity.”

BMS makes senior energy hire

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the hire of Duncan Hayward as a Director in its Energy division. Hayward, who joins in 2019, will lead the casualty initiative within the Energy division.

Hayward joins with 14 years’ experience in the insurance market, most recently serving as a Divisional Director at Price Forbes. Prior to that, he served as an associate at JLT, having begun his insurance career as an Oil and Gas Broker at Agnew Higgins Pickering.

Ian Gormley, Director, BMS Group, said:

“Our London Wholesale platform has gone from strength to strength in recent years, with market-beating growth. We place exceptional value in our people and work hard to attract the very best talent in the market. Our client-centric and flexible model of broking, combined with our employee-ownership structure, lies at the heart of our success. We are very pleased that it continues to draw the best and brightest individuals from across the market and I would therefore like to welcome Duncan to our team.”

BMS expands in Australia with Senior Hires

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces that two senior leaders, Stuart Davies and Samantha Ford, have joined BMS Australia, effective immediately and reporting to BMS Australia CEO Andrew Godden.

Davies joins as a director with 25 years of industry experience in the UK and Australia, having most recently served as state manager for New South Wales at Gallagher. He has previously held senior roles at Aon and JLT, having begun his career as a sales executive at Hill House Hammond. At BMS, he will specialise in all aspects of corporate risks, including D&O and PI, as well as advising on placements across key emerging risk areas such as cyber, litigation risk (adverse costs), warranty and indemnity insurance and reputational risk.

Ford joins as a corporate broker with 15 years’ industry experience at Lloyd’s and in the Australian market. She began her career as an office administrator at Lloyd’s underwriting agency Booker International, before moving to Newline Group as syndicate administrator. She then moved to Marsh’s Australian division as an assistant account executive in 2006, before finally serving in a variety of senior roles at Gallagher’s Australian unit since 2008.

Andrew Godden said:

“At BMS we are always looking for the best and the brightest to join our team. We are a different kind of broker, client-centric, flexible and innovative. Our employee-ownership model means that our brokers are engaged and singularly focused on delivering market-beating client outcomes. Stuart and Samantha are fantastic additions to the team and will form part of our continuing strategic build-out in the region. I am therefore very pleased to welcome them to BMS Australia.”

BMS Group appoints Simon Kemp as group chief legal counsel

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces that Simon Kemp has been appointed group chief legal counsel, effective 1st November. Simon will be based in London and reports to Nick Cook, BMS Group CEO. He joins from Clyde & Co, where he is a partner, once he has joined BMS he will continue part-time at Clyde & Co as a Consultant.

Simon has practiced in the London market since 1984. His specialisms include coverage disputes with an international element, regulatory issues for businesses and individuals and employment law. He is also currently the joint editor of Thomson Reuters’ “Law of Insurance Broking”.

BMS Group CEO Nick Cook said:

“As BMS continues on a path of strategic growth and attracts talent in both established and emerging markets, the expertise and experience of individuals such as Simon becomes invaluable. We have ambitious plans, both internationally and in the London market, and, with Simon in place, we are confident in the knowledge that we have one of the leading legal lights in the sector. I would like to warmly welcome Simon to BMS and look forward to working with him.”

Simon Kemp said:

“BMS Group is a dynamic, growing and entrepreneurial business, one of the outstanding brokers in the market. There is huge ambition and appetite for growth, and I am very much looking forward to working with Nick and the team to take these plans forward.”

BMS Group’s Australian wholesale operation rebrands as Lions Gate Placement Services

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces that its Australian wholesale broking operation has rebranded to Lions Gate Placement Services (“Lions Gate”), to mirror BMS Group’s wholesale underwriting agency Lions Gate Underwriting.

Lions Gate is led by Brett Field and will maintain its distinct character as a wholesale broking operation, operationally and structurally separate from the niche specialist broker BMS Australia, led by Andrew Godden. Lions Gate’s core business will continue to be Lloyd’s-supported liability and property placements, particularly in the construction, sport and hospitality areas as well as hard to place business.

Brett Field, managing director, Lions Gate, said:

“We are very pleased to announce the rebrand to Lions Gate, which will retain focus on our independent retail broking and underwriting agency partners. Our wholesale operation in Australia has earned a terrific reputation, combining local service, product innovation and expertise with direct access to Lloyd’s and the London market. We have ambitious growth plans in the sector and look forward to growing our partnerships in the region.”

BMS continues Australia expansion with senior broking hire

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces that Danny Gluszkiewicz is joining the growing BMS Australia team as a Director of the Australian operations, effective August 2018. Based in Brisbane, he will form an integral part of BMS Australia’s national team and report to Andrew Godden, BMS Australia CEO.

Gluszkiewicz joins with nineteen years’ experience in the insurance industry, having begun his career as an account executive at QBE in 1999. He subsequently held a succession of senior roles at InterRISK Australia, building a vast array of expertise in client solutions and advocacy, before becoming managing director of InterRISK Queensland in 2009.

BMS Australia CEO Andrew Godden said:

“Danny is an exceptional insurance professional with a longstanding track record of leadership and building businesses in the Australian market. There is huge demand in Australia for BMS’s signature offering as an independent, flexible and client-centric broker, and Danny will play a key role in our ongoing expansion. Our Brisbane office is growing and always on the lookout for new talent to drive growth. I am therefore very pleased to welcome him to BMS Australia and look forward to working with him to build out our entrepreneurial team.”

For further information on joining BMS’s Brisbane team please contact Andrew Godden at Andrew.godden@bmsgroup.com or 0432 805 729.