BMS Group Launches Miami hub; Jose Astorqui Named as CEO, BMS Latin America

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the launch of its Miami Hub with the appointment of Jose Astorqui to the newly created role of Chief Executive Officer, BMS Latin America.

The new Miami office is part of BMS’s stated strategy to expand its proposition in selective international markets. BMS sees an attractive opportunity for growth in the region and will use Miami as its base to service business from Latin America, Central America and the Caribbean.

Reporting to Nick Cook, BMS CEO, Jose Astorqui will join BMS from Howden Insurance Brokers later in the year once his contractual obligations to Howden have been fulfilled. Jose has a strong track record of managing a portfolio across the region and has been based in Miami as Howden’s Director of Latin America since 2008.

Nick Cook commented:

“BMS are delighted to have secured a candidate of Jose’s calibre to lead our new Miami office. His experience will help accelerate our presence in the region as we seek to capitalise on Latin America’s rapid economic growth. The opportunities in this region are complementary to our growth strategy and Jose’s appointment is another exciting development for BMS.”

Jose Astorqui added:

“BMS have a compelling vision for growth and I am honoured to have been asked to lead their new venture in the region.”

BMS Powers iVision with Esri’s ArcGIS Platform

Redlands, California—February 10, 2015—Esri announces that BMS, the US reinsurance brokering arm of Minova Insurance Group, has integrated the ArcGIS platform into its award-winning carrier solution, iVision.

iVision is based on specific input from BMS clients on how they want to use a spatial analytics platform in their own workflow. Assisted by Esri partner GeoDecisions, BMS created the solution to provide carriers with a way to reduce claims handling expenses, manage large loss exposures, and understand a policy’s portfolio loss correlation before it is bound.

“As a broker, we aim to deliver exceptional service to clients,” said Julie Serakos, executive vice president, Catastrophe Analytics Department, BMS. “Esri’s ArcGIS platform has helped us achieve this aim: the provision of our analytics software, iVision, positions BMS as a market leader within the insurance industry.”

BMS will share how they are applying Esri solutions to take control of disruptive events at RAA’s Cat Risk Management 2015 in Orlando, Florida, February 10–12, 2015.

“Integrating Geography into Systems, Workflows, and Process”
Dan Madsen, Senior Vice President, BMS
Wednesday, February 11, 2015, at 4:30 p.m.
Breakout Sessions, Portofino Bay Hotel, Orlando, Florida

Visit Esri at RAA and learn how you can more accurately predict and prepare for catastrophes, provide the best service to your clients after an event, and understand your risk in the months to come. Learn more at esri.com/insurance.

BMS appoints John Hastings-Bass as Non-Executive Chairman

John Hastings-Bass, former Gallagher Chairman of International Development and JLT Group director, has been appointed Non-Executive Chairman and director of BMS, subject to regulatory approval. He will also chair the BMS Risk and Compliance committee. John has over 35 years’ experience in the insurance and reinsurance sectors.

He succeeds Christopher Hopton who remains Chairman of Minova Insurance Holdings, the London based insurance group that owns BMS Group.

BMS Group CEO, Nick Cook, said:

“John’s appointment to lead our board is another exciting development for BMS. He brings with him extensive industry knowledge, an unmatched level of global market insight and a track record of providing strategic counsel to growing businesses. I look forward to working with him as we make headway into 2015 and have no doubt that he will be instrumental and invaluable in our ongoing strategic planning and development. Everyone at BMS joins me in thanking Christopher Hopton for his support and wise counsel during a period of considerable development for BMS.”

Commenting on his appointment, John Hastings-Bass added:

“ I am very excited about joining this vibrant business. Nick and the BMS team have a clear strategy to take advantage of the significant opportunities in the market place. With the support of our shareholder, Minova Insurance Holdings, we have the financial resources to continue to strengthen BMS in our chosen markets.”

John began his career in Hong Kong with Jardine Matheson in 1976, later moving to London where he was PLC Director, Business Development of Jardine Insurance Brokers (JIB), working with the CEO to develop the corporate strategy that resulted in JIB’s 1997 merger with Lloyd Thompson to form Jardine Lloyd Thompson. In 1997, he became Group Board Director, CEO International Business Group, leading JLT’s strong growth across the UK, Australia and New Zealand, Asia, Europe, North and Latin American markets.

He joined Arthur J. Gallagher (“AJG”) in 2007, as Chairman, International Development, leading the Asia Pacific business. During his time with AJG, John was Chairman of AJG’s international energy business, Alesco and led the successful restructuring of the company’s Australian business and the creation of a Singapore office. He became MD, Underwriting & Development in 2013 before stepping down from the company at the beginning of 2015.

John remains Non-Executive Chairman of Novae Group plc, the leading property and casualty (re)insurance business operating at Lloyd’s.

BMS Group grows Specialty Reinsurance Division with appointment of Steven Herbert as Director

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the appointment of Steven Herbert as Director of its Specialty Reinsurance division, reporting to Andrew Hitchings, Managing Director.

Steven joins BMS from Cooper Gay & Co Ltd (“Cooper Gay”) where he was a Director of the Reinsurance division as well as Head of LMX and Offshore Energy. He began his career at EW Payne where he held various roles, later becoming Director of the Marine Reinsurance department. He has subsequently held senior positions at AJ Gallagher, the Park Group, and as a Director of AON’s Marine Reinsurance division.

Andrew Hitchings, Managing Director of BMS Specialty Reinsurance, said:

“I’m delighted to welcome Steven to the Specialty Reinsurance team. We see enormous potential in the specialty reinsurance market and Steven’s appointment demonstrates our commitment to this sector. His depth of understanding and experience will add value for our clients and play a key part in the division’s ongoing strategic development and growth.”

BMS Wins ‘Reinsurance Broker of the Year 2014’ Award

BMS has been named as ‘Reinsurance Broker of the Year 2014’, by leading industry publication Insurance Day. The accolade was collected by Jonathan Morris, BMS Group Director of Reinsurance, at the annual awards ceremony held at the Lancaster Hotel in London on December 4th 2014.

The judging panel recognised a number of factors that made BMS’ nomination for Reinsurance Broker of the Year 2014 the stand-out entry. These included:

  • The launch of new integrated systems within the BMS’ award winning analytics software iVision
  • Continued investment in the reinsurance sector
  • The inauguration of broker-dealer affiliate BMS Capital Advisory

Group activity in 2014 has positioned BMS to provide a fully integrated broking and broker-dealer service to clients, while simultaneously remaining true to its entrepreneurial roots and maintaining the flexibility and personability of an independent broking organisation.

Nick Cook, CEO of BMS Group, commented: “Around the globe, BMS prides itself on understanding our clients’ needs and using our full operational capability to achieve the highest quality results. Our dedicated, specialist teams, who take time to understand the details of a client’s business, are the key driving force behind our position as a top broker in the London market. I’m thrilled to see their collective efforts recognised by being chosen as the reinsurance broker of the year 2014.”

Andrew Bustillo, CEO of BMS Intermediaries, added: “From broking and advisory services to analytics, claims handling, capital advisory and beyond, BMS stands out for being consistently insightful, entrepreneurial and ambitious in its approach. The ongoing development of our easy to use analytical software and the creation of BMS Capital Advisory illustrates our dedication to adding value for our clients.”

BMS Group launches Specialty Reinsurance Division with appointment of Andrew Hitchings as Managing Director

BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the launch of its Specialty reinsurance division with the appointment of Andrew Hitchings as Managing Director.

Andrew Hitchings joins as Managing Director of BMS’ Specialty reinsurance division with immediate effect, reporting to Nick Cook, CEO.

The new division will initially focus on the addition of new product lines to BMS’ existing Property and Casualty offering, in both reinsurance and retrocession.

Andrew, who joins BMS from Cooper Gay & Co Ltd (“Cooper Gay”), is an accomplished broker with extensive Specialty reinsurance experience. Joining Cooper Gay in 2003 he became Managing Director of the company’s Reinsurance Division in 2007, later assuming responsibility for all classes of reinsurance worldwide as CEO. In this role, Andrew assisted in the creation and development of a global treaty portfolio.

Nick Cook, BMS Group CEO, said: “We see enormous potential in our Specialty reinsurance business. The continued consolidation in the reinsurance market presents BMS with a unique opportunity of offering our clients an independent choice. Andrew will bring with him expertise and leadership in the Specialty reinsurance space. London is still the centre of excellence for Specialty reinsurance and Andrew’s appointment confirms our commitment to this growing sector.”

Andrew Hitchings added: “I am delighted to be joining BMS, whose prominence as an independent and innovative broker provides the perfect platform to create and grow a market leading Specialty reinsurance division.”

Andrew is a member of the London & International Insurance Brokers’ Association Reinsurance Committee.

Steve Korducki announced as Executive Vice President of BMS Intermediaries, Inc.

BMS Intermediaries, Inc., the US based reinsurance arm of Minova Insurance Holdings, has appointed Steve Korducki as Executive Vice President.

Industry veteran Steve Korducki joins BMS Intermediaries, Inc. with immediate effect, reporting directly to Andrew Bustillo, Chief Executive Officer. He will also join the Group’s US Executive Committee and be located in Tampa, Florida.

His focus will be on further developing BMS’ Florida initiative, as well as expanding non-traditional catastrophe coverage solutions for BMS clients and prospects.

Andrew Bustillo, CEO of BMS Intermediaries, said: “I am delighted to welcome Steve to BMS Intermediaries. Steve is well respected and well known in the Cat (Re)insurance marketplace. We are fortunate to be able to provide his services to our clients and prospects.”

Steve is currently a director of AAO Insurance Company, RRG, and Coastal American Insurance Holdings, Inc., and is the Principal and Owner of Risk Partners, LLC, a strategic consulting firm. His extensive experience includes leading the underwriting turnaround of a Florida-based property insurer and building a start-up multi-state residential property insurance company writing catastrophe exposed business. He has also held Executive roles with Guy Carpenter, E.W. Blanch Company (where he started Blanch Capital Markets), Booke & Company, and Ernst & Young, LLC.

Launch of BMS Capital Advisory, Inc.

Minova Insurance Holdings is pleased to announce the launch of BMS Capital Advisory. BMS Capital Advisory, a broker-dealer registered with the SEC, is a member of both the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).

BMS Capital Advisory is an affiliate of BMS Intermediaries, a leading independent reinsurance broker and part of the Minova Insurance Group. To complement the services provided by BMS Intermediaries, BMS Capital Advisory will advise on and facilitate insurance-linked securities offerings and Mergers & Acquisitions. Together, BMS Capital Advisory and BMS Intermediaries offer their clients access to the resources needed to achieve their strategic goals, whether through reinsurance transactions, access to the capital markets, or M&A-related advisory services.

Rom Braga, BMS Capital Advisory’s CEO said: “BMS Capital Advisory will increase the Group’s operational flexibility, as we seek to deliver the most effectively-priced capital and integrated advice to our clients and prospects.” Mr. Braga added: “We believe our focused approach to servicing a differentiated client base will allow us to work with capital markets participants to create, facilitate and execute select corporate finance engagements and effective solutions to a new class of ILS sponsors.”

Andrew Bustillo, CEO of BMS Intermediaries, said: “From broking and advisory services to analytics, claims handling, capital advisory and beyond, we strive to become an extension of our client’s business, advocating their best interests to help them succeed.” Commenting on adding this capability to BMS Group, Mr. Bustillo added: “Having achieved this milestone, we are now able to provide risk management and advisory services across a broad spectrum of the capital markets. We believe in providing integrated solutions to our clients within a dynamic reinsurance market place. Alongside our broker force, we are now ready to deliver.”

Andrew Bustillo named as President & CEO of BMS Intermediaries, Inc.

BMS Associates Limited, the independent specialist insurance group, has appointed Andrew Bustillo as the new President & Chief Executive Officer of its US-broking arm, BMS Intermediaries, Inc.

Industry veteran Mr. Bustillo will join BMS on March 3rd, 2014, reporting directly to Dane Douetil, Chief Executive Officer of BMS Associates Limited. He will join the Group Executive Committee as well as the Board of BMS Inc. Mr. Bustillo will be headquartered in New York.

Mr. Bustillo is a proven executive in the reinsurance industry with nearly 30 years of experience. He currently runs RedBank Re, LLC., which he founded in 2009, providing advisory and reinsurance services to a range of clients. Prior to forming RedBank Re, Mr. Bustillo was Executive Vice-President and a member of the Executive Committee for Benfield Inc.’s U.S. operations, where he was responsible for managing Benfield’s U.S. business. Previously, Mr. Bustillo held senior leadership roles at Guy Carpenter and EW Blanch Company where he focused on the development of team-oriented sales processes that delivered client-centric solutions to the industry. His career began in 1985 in the underwriting community, holding positions with M&G Re and Constitution Reinsurance Corporation, before moving to the intermediary business in 1990 with Aon Re.

Dane Douetil commented:

“I am delighted to welcome Andrew to BMS in his new role to lead our fast-growing U.S. business. Andrew’s appointment is a strong statement of intent about our commitment to the U.S. market. We see significant growth potential in the United States where clients value and desire the high-touch service proposition provided by our very experienced broker teams and supported by our competitive actuarial, analytical and modelling capabilities. Andrew’s experience as a strong sales leader and team-builder, coupled with his proven track record as an energetic and driven executive, will be invaluable in taking BMS Intermediaries Inc. to the next stage in its development.”

Mr. Bustillo commented

“It is a privilege to join BMS, a well-respected, global, privately-held and independent firm with roots in the London market, a significant presence in the U.S., a growing international capability and a unique business model. I am very excited to take responsibility for driving the BMS business forward in the U.S. BMS Intermediaries Inc. has all the right ingredients for success that made it a really compelling proposition to accept the challenges of being its CEO. The company has hired great people, it has established its brand and built a great culture. With a clear strategy for growth and with its innovative business model, I am hugely excited by the opportunity for us to further build a great business.”

Mr. Bustillo holds an MBA in Finance & International Business from NYU Stern School of Business and graduated from Middlebury College with a BA in Economics & Spanish. He is married with 3 children. He is Chairman of the Board Covenant House International, the largest privately funded provider of services to homeless and trafficked youth in the Americas.

 

BMS enters into exclusive partnership with RTI International, one of the world’s leading research institutes

BMS Group recently entered into an exclusive partnership with RTI International, one of the world’s leading research institutes, to offer clients award-winning Enterprise Risk Management (ERM) services that have a proven track record in managing complex business operations.

The concept of ERM is nothing new. For decades, organizations have been using a variety of methods and processes to intelligently weigh and manage risks against opportunities. ERM provides a framework for this risk management – which typically involves identifying particular events or circumstances relevant to an organization’s objectives, assessing them in terms of likelihood and magnitude of impact, determining a response strategy and monitoring progress. By identifying and proactively addressing risks and opportunities, businesses protect their interests and create value for stakeholders.

But, as highlighted by Solvency II in Europe and ORSA in the U.S., in recent years ERM has evolved in response to the needs of an increasingly sophisticated global marketplace, with more varied and complex businesses and stakeholders who want to understand the broader spectrum of risks so they can be managed effectively. No longer limited to owners, customers and employees, these stakeholders have come to include regulators and rating agencies, which have also increased their scrutiny of risk management processes.

What does all this mean? ERM, which used to be considered a global business trend, has become a recognized best practice. And that’s where the BMS/RTI relationship comes into play.

Close collaboration between BMS brokers and our analytical and technical professionals lets us give clients a superior level of analysis, modeling and strategic guidance,” says David Spiegler, Executive Vice President and Chief Actuary at BMS. “That talent, combined with sophisticated analytical tools, methods, and award-winning risk management processes as provided by RTI, means that we are able to take a truly holistic look at a client’s risk, which is what businesses need today.”

The strength of a business and its reputation is based in large part on management’s ability to properly identify, assess and manage risks. A properly implemented ERM program will help deliver a better-performing organization by allowing us to identify and address risks before they become problems,” says Ward Sax, Vice President, Treasurer and Chief Risk Officer at RTI. “Our applied research in ERM has resulted in award-winning best practices we can share with clients.”

“ERM absolutely includes the capital modeling and analytics, but that’s just one part of the equation,” says Kurt Johnson, EVP of Analytical Services at BMS. He explains that beyond making sure a building and computers are safe, true ERM is about smart business planning and breaking down silos within an organization. “There’s a huge element of common sense to ERM, and we can help demystify it for clients,” Johnson adds. “You can’t eliminate chaos, but you can plan for it.”

 

Click here to visit the BMS Analytical Services ERM page

 

 

About RTI:

RTI International is one of the world’s leading research institutes, dedicated to improving the human condition by turning knowledge into practice. Our staff of more than 3,700 provides research and technical services to governments and businesses in more than 75 countries in the areas of health and pharmaceuticals, education and training, surveys and statistics, advanced technology, international development, economic and social policy, energy and the environment, and laboratory testing and chemical analysis. For more information, visit rti.org.