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BMS partners with BitSight to provide cyber risk analysis services

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announces a partnership with BitSight, the Standard in Security Ratings, to provide cyber risk analysis services to BMS clients across all lines of business as part of BMS’s consultancy offering.

BitSight’s market-leading security ratings platform provides the most comprehensive and trustworthy security performance information in the marketplace today. Approximately half of all global cyber premium is underwritten by carriers/markets who utilise BitSight. This is the first partnership for BitSight with a London market broker.

Ryan Jones, Head of Innovation at BMS, said: “As an independent, employee-owned broker, our focus has always been to add value to our insureds by developing a tailored and comprehensive offering. With that in mind, we tasked our teams and our internal Innovation Lab with developing initiatives to improve our clients’ understanding of risk and therefore provide better coverage for their needs. The expansion of our analytical capabilities was a key takeaway from our innovation programme, so I am very pleased to announce this partnership today.

Cyber risk, particularly the silent cyber exposures, affects all businesses and is a growing threat. Through this service, our clients will now be able to, regardless of what they are insuring, accurately assess the cyber exposure of their assets and choose insurance providers accordingly.”

Samit Shah, BitSight’s manager of insurance strategy and operations, said: “We are excited to partner with BMS to provide valuable cyber risk insights to their clients. Working with carriers around the world, including several in London for a number of years now, we believe providing transparency into security posture along all parts of the insurance value chain – carrier, broker, and client – is critical to accurate risk transfer decision-making.”

About BitSight
Founded in 2011, BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct M&A due diligence and assess aggregate risk. With over 1,500 global customers and the largest ecosystem of users and information, BitSight is the most widely used Security Ratings Service. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.

BMS secures long-term investment from BCI and PCP

BMS today announces an agreement for a significant investment by affiliates of British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”). The investment, which values BMS at £500m, is subject to regulatory approvals and is expected to close in the third quarter.

The BMS management team, led by chief executive officer Nick Cook, will all remain in their current roles following completion, and management and staff of BMS will remain significant shareholders in the company.

Following the transaction’s completion, Pioneer Underwriters will be owned directly by the current shareholders of Minova Insurance, the holding company that had previously owned BMS.

Nick Cook commented: “The long-term investment by BCI and PCP secures our future as an independent broker and maintains significant employee ownership. We have grown consistently over the past 5 years generating revenues in excess of £100m for the first time in 2018. We look forward to partnering with BCI and PCP as we continue to invest in our business and attract market leading talent to the benefit of our clients. My thanks go to all of our colleagues who have been at the root of our success.”

Dane Douetil, CEO of Minova added: “This investment is excellent news for BMS’s dedicated staff, who will remain important shareholders, and particularly for BMS clients who will continue to benefit from the very best independent advice in the market. It is also a ringing endorsement of the London market and, following considerable consolidation in the broking sector, ensures that an independent voice will continue to be heard.”

Gordon J. Fyfe, CEO/CIO of BCI said: “As an investor of patient capital, we seek companies with a sustainable competitive advantage that offer value-add services and are led by talented management teams. BCI’s long-term investment in BMS allows them to grow the business and generate the returns that our pension plan and accident fund clients require. Our investment also provides regional and sector diversity to our clients’ private equity portfolio.”

Jatender Aujla, a Partner of Preservation Capital commented: “We have been impressed by the growth BMS has experienced since Nick and his management team took over the business. Today, BMS is one of the largest independent specialty lines focused insurance brokers in the London market. We look forward to working with the team as long term partners and helping them seize the significant opportunities available in the market.”

About BCI

With C$145.6 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 is a mid-market 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.

BMS appoints Pete Chandler as President of US reinsurance

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announces the appointment of Pete Chandler as President of BMS’s US reinsurance operations, reporting to Steve Korducki, US reinsurance CEO. The appointment is effective 27th May and Chandler will join the BMS US Board subject to regulatory approval.

This is the latest in a series of recent high-profile hires by BMS, following the achievement of the £100mn annual revenue landmark and substantial global growth.

Chandler joins from JLT Re, where he was Deputy CEO of the US reinsurance broking arm of the Group. He joined JLT Re in 2016 prior to which he was Marsh’s Managing Director for the Western Region. Previously North American COO for Guy Carpenter and an Executive Vice President at Benfield, Chandler has been at the highest levels of US reinsurance broking for two decades.

Nick Cook, CEO of BMS Group, said:

“BMS’s independence and resolute commitment to the US reinsurance market continues to attract some of the industry’s leading talent. There is great opportunity for growth in our US operations as clients increasingly look for independence married to technical and analytical scale and expertise.

Pete is one of the most experienced reinsurance brokers in the market and will be a huge asset to the BMS US team. I am pleased to announce his appointment today and look forward to working with him and Steve Korducki to grow our US reinsurance arm.”

Chandler added:

“There is a huge opportunity in the US for an independent broker of BMS’s ambition, analytical and actuarial capability and entrepreneurial culture. The investment BMS has made in talent, innovation and analytics has made it the most significant independent broker in the market and I’m delighted to join such a formidable team.”

BMS appoints Nick Moss as Chief Financial Officer

BMS Group (“BMS”), the independent specialist (re)insurance broker, today announces the appointment of Nick Moss as CFO of the Group, reporting to CEO Nick Cook. Moss will formally join the BMS Board following regulatory approval.

The appointment follows the independent broker’s recent achievement of reaching the £100mn annual revenue landmark and substantial expansion in the London, US and international divisions.

Moss has more than thirty years’ experience in finance and joins from JLT Re, where he served as Global and UK FD. He has previously held senior finance roles at Novae, RFIB, where he was CFO from 2013-16, and Benfield (now Aon Benfield) between 2003 and 2009 where he was group head of finance. He began his career in audit and business advisory services at PwC from 1988 to 2002.

Nick Cook said:

“BMS is at an exciting stage in its growth, as the leading independent (re)insurance broker in the market, with revenue and profits increasing, our headcount growing and our operations expanding into new territories.

Nick’s experience will be invaluable as we begin the next phase of our strategic expansion. As an entrepreneurial, independent and employee-owned business, BMS continues to attract the finest talent in the market and I am pleased to welcome him to the leadership team.”

Moss added:

“BMS is a dynamic, independent and entrepreneurial business that has a robust strategic expansion plan, a clear vision and culture that is attracting many of the best brokers in the market. I am very much looking forward to working with Nick and the BMS team.”

Julie Serakos joins panel at AIR’s Envision Conference

As the Earth’s climate is changing, the insurance industry is faced with complex challenges that have no simple answers. What does climate change mean for catastrophe modeling and the insurance industry in the next 10 to 15 years and beyond? How can insurers manage to regulatory mandates? BMS’s Julie Serakos, head of Catastrophe Analytics, joined an interactive panel discussion at AIR’s Envision Client Conference on Thursday 11 April and shared her perspective on climate change’s implications for the (re)insurance industry.

BMS revenues grow 25% to exceed £100mn in 2018

BMS, the independent specialist insurance and reinsurance broker, today announces that in 2018 annual revenues for the first time exceeded £100mn, one of a number of financial landmarks achieved by the business over the course of the year.

Overall revenue grew by 25%. BMS’s London wholesale business posted particularly impressive results, growing revenue by 32%. BMS’s reinsurance division achieved an 18% revenue increase.

The US reinsurance operation has also been a key driver of BMS’s emergence as a leading independent global broker, with revenue increasing by 28%.

Hires in Australia, Bermuda and London, including a market-leading energy team joining the London wholesale business, contributed to BMS’s headcount swelling to over 390 employees. BMS continued to invest in technology and its Innovation Lab, to drive change within the company and the wider insurance industry. The initiatives have enhanced BMS’s service offering to both clients and markets, which in turn has improved efficiency and increased revenue.

Nick Cook, CEO of BMS, said:

“This remarkable result belongs to BMS staff, who have driven our group success over the past years. BMS’s independent, client-centric and employee-owned business model has proven its worth time and time again, attracting and retaining the market’s finest talent.

We are also investing in our US platform where we see significant opportunity to add value to existing and new clients in the US reinsurance and MGA space. Our independence matters, as US insurers’ options diminish with continued M&A in the reinsurance broking sector.

Our management team has consistently pursued an organic growth plan focused on delivering what BMS is renowned for: client-centric, flexible, independent broking and advice that delivers for our customers.”

BMS meteorologist Andrew Siffert speaks at RAA Cat Risk Management Conference

BMS RE US resident senior meteorologist, Andrew Siffert, presented at the RAA Cat Risk Management Conference in Orlando Florida on February 28th where he discussed “The Art of Insurance Loss Communication in the Digital Age”. 

He touched on how he uses social media and other digital information during times of catastrophes to better communicate the scope of catastrophic events. 

If your company would like more insight on his play book that can help separate fact from fiction, make smart assumptions, and effectively communicate the right message to management teams to drive the right response to a catastrophic event, please Contact Us.

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.”