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BMS News

A new hire for BMS highlights it commitment to achieving its vision

Insider Fac Magazine reviewed BMS’ expansion plans, prompted by the appointment of Steve Galleger as EVP. Formerly of Aon Benfield, Galleger’s responsibilities will include building BMS’ US reinsurance platform and developing customised reinsurance and risk management solutions for property, casualty and specialty insurers. Steve will start at BMS in December and will be based in the BMS US hub office in Minneapolis.

CEO Carl Beardmore is quoted saying: “This marks another important step in the development and extension of our US operations and is further evidence of our ability to attract key producers to join BMS.”

The article reviews how BMS continues to demonstrate its commitment to building its US platform and service offering to clients, with a number of new hires over the last few months, including two new senior hires joining the Analytics Team; Julie Serakos and Mike Larson.

For the full article please click here to go to the Insider Fac website

BMS continues to bolster Minneapolis office

BMS’ newest hire featured in Insurance Insider today.

Steve Galleger, EVP, joins BMS to help drive the build out of its US reinsurance platform and to develop and deliver customised reinsurance and risk management solutions for Property, Casualty and Speciality insurers. He will be based in the Minneapolis office.

The article also highlights the expansion of the BMS Analytics team with recent recruited Julie Serakos as executive vice president of catastrophe modelling and Mike Larson as executive vice president and actuary for BMS Intermediaries.

For the full article go The Insurance Insider website

PCI – RMS model debate

John Faustman, EVP BMS Reinsurance Property & Casualty Team, contributed to the Business Insurance Magazine debate regarding, one of the hottest topics of the PCI conference, the potential impact of the revised RMS model.

John highlighted the need for clients to be offered a variety of analytical options and models. He said: “they need to look at exposure aggregations, not just modeled possibilities.”

To read the full article please go to the Business Insurance Website

Negotiating the re/insurance minefields

EVP BMS Property & Casualty Team, Phil Campbell, featured in Day 1 of The Review PCI Show Daily discussing how the future for the market is one potentially filled with ‘multiple minefields’. He reflected on how re/insurers will have to focus on being increasingly efficient if they are to weather the challenges of the current economic crisis.

Please click here for the full article on page 2.

PCI – Boom time in the ILW market

Stefano Nicolini, SVP BMS Retro, featured in the Reactions PCI Reporter discussing the industry loss warranty (ILW) business and the 1/1 renewals.

Stefano reported that the need for extra retrocessional cover has had a huge impact on the demand for ILW and overall will push up retro prices at January 2012. This alongside fears of the potential impact on pricing of the new RMS 11 catastrophe model and the Japanese earthquake has seen the popularity for buying ILW increase exponentially.

Click here for the full article on Page 5.

Baden Baden – Loss reporting debate

Jonathan Morris, Managing Director BMS Retro Team, raised the issue of delayed loss reporting on accurate pricing during an interview with Intelligent Insurer Magazine.

Jonathan discussed how the ‘loss reporting creep’ that is experienced after larger catastrophes, such as the Japanese earthquake, make it difficult to finalise pricing. When full loss figures are not reported until after the renewal season is completed, it can cause numerous problems and is likely to cause global reinsurance premiums to rise in 2012.

Click here for the full article page 2.

Retrocession carriers – Interview Baden Baden

Jonathan Morris, managing director of the BMS Retro team was interviewed by Insurance Day’s Chris Munro before heading off to the Baden Baden Conference.

Jonathan talked about how retrocessional reinsurers, in light of the catastrophe-heavy first quarter of 2011, will need to make clients understand that prices will need to increase to cover the losses. Although he advised that these increases should be spread gradually over a number of renewal seasons to ensure they do not force companies out of the market. Alongside these increases, Jonathan also referred to the considerable talk in the market about other available capacity to complete programmes from both traditional and non-traditional sources.

Please go to the Insurance Day website for the full article

Profits up at BMS despite £3mn investment costs

BMS featured in the Insurance Insider, in a review of our 2010 Report & Accounts. BMS ranked second in the magazine’s analysis of the revenue of the top independent brokers 2010, highlighting that regardless of the £3million investment in business and new hires, the group is growing and is already expecting revenues for 2012 to grow by 10% at the very least.

To read more, please click here go to the Insurance Insider website.

BMS features in Financial Times Insurance Special

Diversity is best:

Carl Beardmore’s comments on the rationale and overall need for varying sizes of broking companies were included in Paul J Davies’ article: ‘Brokers seek to diversify and offset hard times’. Carl commented on how people prefer to spread their exposures and not ‘put all their eggs in one basket’. The general feedback that the BMS CEO has been receiving in the market is that clients welcome competition and that bigger is not necessarily better for them or the market itself. With increased competition the clients are the beneficiaries, with offerings that are honed to meet their needs and ensuring brokers give them the best possible service for their money.

iPad Project:

Sharlene Goff focused her article on the Lloyd’s iPad project and she noted how the technology was a tool to enhance the tradition of face-to-face broking within Lloyd’s, rather than the death knoll to tradition that some fear it might be. BMS’ innovative role in the first-ever fully-electronic placement at Lloyd’s, in January 2011, was highlighted as an example of how far the industry has come in its relationship with technology. Steve Knight, Director – BMS Direct & Facultative, commented in the article that electronic placing makes the whole process of placing a contract ‘exponentially more efficient.’

To read  more please go to the Financial Times website, click here:

The Review Special Report

Carl Beardmore featured in The Review special report looking at the current broking market.

Price Waterhouse Coopers (PwC) provided a critical assessment of the current broking market and Stuart Collins spent time talking to the major players, including BMS, for the report.

PwC found that it is the growth prospects for reinsurance brokers that are falling away at this time of heightened pressure to sustain revenues and profit margins, against a backdrop of a slow global economy and a flat insurance market.

PwC concluded that in times such as these, there is a need and trend towards specialist, less-expensive and extra value-added reinsurance broking. Carl acknowledged the excellent work of the ‘big three’ over the last decade, however big has come to mean ‘inflexible’ and clients now demand options and flexible, tailored solutions that the medium-sized broker is better able to fulfil. Carl emphasised that there is the room to grow in the market and in terms of strategy: “BMS is looking to consolidate its position in the US – which remains our core market.” Alongside this, he reiterated that when BMS does become a ‘global player’, it will always be the individual solutions that are key.

To read more, please click here to go to The Review website.