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Assure Holding Corporation Announces Completion of Senior Notes Offering

Vienna, VA – Assure Holding Corporation (“AHC”) today announced the successful completion of a private placement of senior notes with institutional investors. The Company intends to use the net proceeds from the offering to finance future growth. AHC, via its property and casualty insurance subsidiary, Americas Insurance Company, its reinsurance intermediary, Assure Re Intermediaries, and its managing general agency, Assure Underwriting Agency, cultivates relationships with program administrators targeting a particular niche insurance market, class or distribution model.

R. Ray Pate, Jr., President and Chief Executive Officer of AHC, commented: “The successful closing of this capital transaction provides institutional validation of our operational strategy and vision for the company; AHC’s operating entities have seen tremendous growth over the past three years, and the additional capital will provide our operating subsidiaries with financial flexibility to support our steady, future growth.”

BMS Capital Advisory acted as AHC’s financial advisor and agent for the placement of the senior notes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Assure Holding Corporation 

Assure Holding Corporation (“AHC”) is an insurance holding company that owns a 100% interest in Americas Insurance Company, which is a property and casualty insurance company with licenses in 26 states, and operates as an issuing carrier for personal lines business produced by program administrators. AHC also owns a 100% interest in Assure Re Intermediaries, which specializes in the placement of reinsurance for commercial and personal lines business produced by program administrators. AHC owns a 100% interest in Assure Underwriting Agency, which is a program administrator that manages a book of Louisiana homeowners business.

About BMS Capital Advisory, Inc 

BMS Capital Advisory, a member of the group of companies owned by Minova Insurance Holdings, is a full-service broker-dealer created to expand the group’s operational flexibility and bring alternative capital product offerings to current and prospective customers. Headquartered in New York City, with offices in Philadelphia and Minneapolis, BMS Capital Advisory advises insurance underwriters and distributors, private equity funds, and other institutional investors in the execution of select corporate finance engagements, such as mergers & acquisitions mandates and capital raise engagements, and insurance linked securities offerings.

BMS Capital Advisory, Inc. is a broker-dealer registered with the SEC and a member of FINRA (www.finra.org) and SIPC (www.sipc.org).

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.

BMS Intermediaries Listed in ‘Best Places to Work in Insurance 2014’ for Third Year Running

BMS Intermediaries has been selected as one of the 2014 ‘Best Places to Work in Insurance’, by industry publication Business Insurance Magazine and Best Companies Group. This is now the third consecutive year that BMS has received the designation.

Andrew Bustillo, CEO of BMS Intermediaries, said: “I am delighted BMS Intermediaries has been recognized with this accolade for a third year running; it’s a true testament to our staff who, unwavering in the high quality of work they produce for clients, have shown that we’re dedicated to achieving the highest level of success in our operations both internally and externally, making BMS a true market leader. This award further demonstrates to clients, employees and the wider market that BMS is not your average reinsurance broker.”

Kim Schablin, VP, Human Resources of BMS Intermediaries, said: “At BMS, we have a commitment to creating the right environment for talented, entrepreneurial professionals to develop their careers and excel at producing business that demonstrates their full capability. This sense of empowerment is the reason that our teams, the driving force behind BMS’ continual growth and position as a market leader, are consistently producing top results for their clients.”

BMS, the broking arm of Minova Insurance Group, has more than 30 years of growth and a balanced portfolio of business. Alongside exceptional brokers, BMS has augmented its client offering by appointing industry-respected actuaries, catastrophe modelers, claims and contracts experts, as well as the recent launch of BMS Capital Advisory.

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.”

PIAA Reserve and Profitability Update

In our fourth annual review of the Physician Insurers Association of America (“PIAA”) companies, BMS continues to look at:

1.   how the profitability of member companies has changed over the past decade;

2.   the profitability of their current business;

3.   the level of redundancies in loss and loss adjustment expense reserves that has been released in recent years; and

4.   how much redundancy remained as of December 31, 2013.

Click here to read the full article

BMS Associates announces $50.7 million investment agreement with Capital Z

BMS Associates (“BMS” or “the Group”) is pleased to announce an agreement with Capital Z Partners Management, LLC (“Capital Z”).

The management of BMS has recently undertaken a review to determine the Group’s strategic approach to both broking and underwriting opportunities across the market. Part of this review has been to investigate potential third party investment to further the Group’s ambitions for future growth.

Under the agreement announced today, which is subject to shareholder approval, Capital Z will invest $50.7m into the Group’s holding company through the acquisition of preference shares and warrants over a minority interest in the Group’s ordinary share capital. The investment will provide the Group with significant capital to support the expansion of the BMS broking business and the underwriting activity of Pioneer.

Upon completion of the transaction, Robert Spass, Managing Partner and co-founder of Capital Z, will join the Group’s board.

Christopher Hopton, Group Chairman, said:

“This investment is a highly significant event for the Group. I am particularly pleased to welcome Bob Spass to our board. His experience in our industry is extraordinary and his participation, together with the involvement of Capital Z, places the Group in an exceptionally strong position to accelerate our growth and command further market share.”

Robert Spass said:

“I have been impressed with the strength and depth of the management team at BMS, their vision for the future and their opportunities to generate significant growth. Capital Z is pleased to have reached this agreement which makes us strategically and economically part of the Group’s future success and I look forward to working with the team.”

Dane Douetil, Group Chief Executive Officer of BMS Associates, said:

“Over the last three years we have invested in 18 new teams across the Group and our continued successful growth is underpinned by Capital Z’s investment, which I consider to be pivotal in our development. We have been absolutely determined to maintain the owner/manager ethos of the Group while finding a partner who can bring in depth knowledge of the industry which will be helpful in our growth. In Capital Z we have found that partner.”

The Group was advised by Canaccord Genuity as financial adviser.

BMS launches Severe Weather Analytics

BMS Group announces a new weather risk management module as part of its iVision™ suite of analytical tools and services.
The unique new analytical tools allow carriers to better understand their risk and manage portfolio accumulations in areas prone to tornadoes, hail, straight-line winds and hurricanes.
The new module introduces expanded weather analytics features that make it even easier for insurers to manage severe storm risk. These features include:

  • Live weather feeds from NOAA
  • Daily severe storm shape files featuring AER Respond weather data, highlighting tornado paths, active hail areas, hail size and density
  • Active and forecasted hurricane tracks including detailed hurricane wind-field shapes
  • Historical PCS event library with one-of-a-kind PCS cat event shape files, available exclusively from BMS

“iVision’s new analytical tools augment traditional cat modeling results by enabling users to modify and alter damage ratio and track assumptions for tangible, definable events, which allows them to arrive at a view of loss they can have confidence in,” says Julie Serakos, head of BMS’ Cat Analytics group.
These new weather analytics features facilitate the understanding of the loss potential in a portfolio (thereby stress-testing its vulnerability to loss) by allowing for custom damage ratios to be applied against storm attributes. Additionally, testing portfolio sensitivity to the hurricane track increases confidence in the range of potential loss outcomes for landfalling events.

About iVision
BMS’ iVision is an easy-to-use catastrophe risk management system carriers can access online. Built on the latest GIS technologies, it helps today’s insurance companies increase efficiency and effectiveness in managing their catastrophic risk. iVision’s other analytical features include BMS’ proprietary ScenarioView™ for DIY event analysis, and RiskReveal™ location cat modeling (featuring AIR and RMS cat models) for underwriting. These features let carriers manage large loss exposures and ensure adequate premium before a policy is bound.

Introspect: 2014 Severe Convective Storm Season

The earth’s weather and climate is naturally variable on all time scales, and a number of factors can cause a sustained change to weather and climate. Referred to as “climate forcers,” these factors invoke the idea that they force or push the weather and climate towards a new state. These climate forcers have created a winter to remember over much of the U.S., but there is at least some (symbolic) hope for warmer weather in that the spring equinox has passed, which signals the end of astronomical winter in the northern hemisphere. But the official start of spring may have insurance companies wondering how the Severe Convective Storm (SCS) season might pan out. The latest BMS Introspect looks at the climate forcers that drive severe weather, and considers whether or to what extent they will influence the upcoming SCS season.