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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.

 

 

Philippines Review, Reactions Magazine – Andy Siffert

Andy Siffert, BMS’ resident Meteorologist, featured in Reactions Magazine online discussing the challenges the Philippines faces in it fragile recovery from the devastation caused by Super Typhoon Haiyan.

Click here to read the article (registration required).

 

Inside Medical Liability Magazine – Dave Spiegler

BMS’ Chief Actuary Dave Spielger featured in PIAA’s Inside Medical Liability, 4th Quarter edition, discussing the MPL Sector.

Click here to read the article.

Reprinted from the fourth Quarter 2013 issue of Inside Medical Liability, Physician Insurers Association of America. Copyright, 2013.

Click here to access the article online

Click here to read all about the BMS Analytical Services offering.

 

BMS Tops 2013 List of Best Places to Work in Reinsurance

BMS, the specialist independent broking and underwriting group, has been selected as one of the 2013 Best Places to Work in Insurance, ranking 8th in the top 10 small companies category (25-249 U.S. employees), and winning the Reinsurance Broker category in the 5th annual survey organised by US publication Business Insurance Magazine and Best Companies Group.

This marks the second year in a row BMS has received the designation. The award was collected at the October 15 award recognition luncheon in Chicago by a delegation of BMS employees who were instrumental in encouraging employee engagement.

Dane Douetil, BMS Group CEO, said:

We are extremely proud of this accomplishment; it demonstrates the commitment our staff has to the company and reflects the genuine passion everyone at BMS has for delivering outstanding client service in a creative and entrepreneurial way. In the reinsurance brokerage world, standing out is no easy task, and this award highlights that BMS has something special to offer.”

James Hartley, BMS Group HR Director, said:

This award recognises that creating the right environment, hiring talented people and placing personal development and empowerment at the heart of your culture does work. By finding innovative ways to communicate to staff, BMS have more engaged responsive employees who can offer a better overall customer experience.”

BMS has more than 30 years of growth and a balanced portfolio of business. It has made significant investments in expanding its US platform, with offices in New York, Chicago, Philadelphia, Atlanta, Santa Monica and Minneapolis. Alongside exceptional brokers, BMS has augmented its client offering by appointing industry-respected actuaries, catastrophe modelers, claims and contracts experts. BMS also operates an underwriting business, Pioneer Underwriting, which offers a variety of risk-bearing platforms that give clients a wide range of underwriting vehicles.

 

 

 

What makes BMS stand out in the crowded reinsurance arena?

It’s the passion, creativity and care we bring to every aspect of our client relationships. And when you experience it, you’ll know.

Want to feel it? Watch the video

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BMS Sponsors Brand-New reCharge Lounge at NAMIC Annual Convention 2013

We are pleased to announce BMS’ sponsorship of the reCharge Lounge at the 2013 NAMIC Annual Convention, Sunday, September 22 – Tuesday, September 24.

The reCharge Lounge is one of the newest offerings at NAMIC. Located in the South Lobby, Level Four, Washington State Convention Center’s Main Concourse (Across from the NAMIC registration area), the lounge will provide a place for attendees to relax and recharge themselves as well as their devices – with chairs, tables, and a tall charging tower to power portable electronics.

The lounge will be available for the duration of the convention and we look forward to seeing you there.

 

 

 

 

 

 

ILW pricing falls against alternative rivals – Reactions

BMS’ Stefano Nicolini, SVP of our Reinsurance – Retro/ILW division featured in Reactions Magazine online discussing ILW pricing falls against alternative rivals and how the competitive environment has cut pricing on industry loss warranties in 2013.

Click here to read the article (registration required).

Max Taylor – Appointed Chairman, Pioneer Underwriting

BMS Group has strengthened its underwriting growth plans by hiring former Lloyd’s chairman Max Taylor to its MGA business. Insurance Day magazine covered the appointment of Mr Taylor as Chairman of Pioneer Underwriting.

Click here to read more at Pioneer Underwriting

Or alternatively, click here to read the full article at www.insuranceday.com (registration may be required)

Artemis Blog – BMS planning capital markets broker-dealer, BMS Capital Advisory

BMS featured in the Artemis Blog discussing plans to launch a unit dedicated to taking advantage of the growing opportunities in the insurance-linked securities (ILS) space. The unit will be named BMS Capital Advisory and will offer a full range of capital market ILS products.

To read the full article, click here.