BMS Group (“BMS”), the independent specialist (re)insurance broker, today announced a series of management changes within its US reinsurance team as the intermediary continues its significant US expansion. This follows the completion in October of a large-scale investment into BMS by British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”).
The following appointments have been made:
- Pete Chandler has been appointed as CEO of BMS Re US, effective on December 9 and reporting to BMS Group CEO Nick Cook. He will oversee the overall operations of BMS Re US and focus on its strategic development. Chandler joined the team as President in May this year and is based in San Francisco.
- Steve Korducki, currently CEO of BMS Re US, will transition to the role of CFO, based in Minneapolis. Korducki’s experience has been invaluable to BMS over the past year and, as a former CEO of P&C insurance companies, he will have a crucial role in managing the enlarged BMS reinsurance platform.
- Andrew Bustillo, currently executive managing director of origination for BMS Re US, is also taking on the role of vice chairman, having previously held the CEO position. He will continue to drive production efforts and will be based in New York.
Nick Cook, CEO of BMS Group, said: “BMS Re US is primed for growth. With the backing of BCI and PCP, we are ready to fulfil our role as the independent reinsurance alternative to the big three. We have already made a number of significant appointments in the US and London, with many more hires of the industry’s top-tier talent planned.”
Chandler added: “BMS Re US has the best talent in the business, financial backing that is the envy of the industry and a client-centric, independent ethos that has consistently demonstrated it adds value to our clients, as they define it. With Steve and the executive team, I am very excited to take on the reins as we build out this business and create the best and largest independent reinsurance broker in the US.”