BMS iVision honoured at London Market Awards

Our proprietary BMS iVision™ portfolio management system was honoured at the London Market Awards on 29th November 2012. The management system was highly commended in the Technology Initiative of the Year award. The awards were coordinated by Insurance Day.

BMS iVision™ is 100% owned by BMS, built on leading edge technology and built to our clients’ specifications to manage their individual risk. It is like no other system available today.

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To read more about iVision and the BMS unique Analytical Services Offering please click here.

Video – Over 100 years experience, BMS’s P&C offering

BMS’ Larry Cantwell talks about the Property & Casualty offering and why, with over a 100 years of experience in the team and the UK/US platform, BMS offers something just a little bit different.

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MPL Industry Insights – PIAA

BMS’ Chief Actuary Dave Spielger featured in The Physician Insurer E-Magazine – Online Extra – 4th Quarter edition, discussing the MPL Industry.

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Reprinted from the fourth Quarter 2012 issue of Physician Insurer E-Magazine, Physician Insurers Association of America. Copyright, 2012.

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BMS Office Feature – A great place to work, a great place to do business!

BMS featured in the current issue of the Centennial Lakes Office Park bulletin. The article praised BMS for its excellence in business practice, brand stewardship and employee engagement, breaking the traditional insurance industry mould.

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Why was Sandy so unique?

Andrew J Siffert, Assistant Vice President & Meteorologist with the BMS Analytical Services Team discusses the implications of Hurricane Sandy.

Superstorm Sandy made landfall October 29th just south of Atlantic City, New Jersey. Despite land falling as a post-tropical system, it left in its path some impressive weather statistics. Its central pressure was the lowest ever recorded for an Atlantic named storm, north of North Carolina, breaking a record set by the devastating ‘Long Island Express’ hurricane of 1938. It is also the first storm in recorded history to landfall in New Jersey at a perpendicular angle to the coastline. Furthermore, Sandy resulted in record surge heights along many parts of the East Coast including a tide surge reading of 14.60′ at Bergen Point, NJ. Its massive wind field had a diameter of tropical storm-force winds at landfall of 945 miles and is one of the largest ever recorded. Given Sandy’s uniqueness it should be no surprise that the cat models used by the insurance industry to understand hurricane risk would most likely have very few stochastic events that would provide guidance to the expected loss potential and should be used with caution when analyzing this event.

Sandy’s uniqueness has also raised many questions of the damage impact from aspects of the event which are not modeled or not modeled well. The exceptional size of the wind footprint, the scale of storm surge, the large number of lengthy power outages, and the impact to major infrastructure, have added to the considerable amount of uncertainty surrounding the interpretation of insurance coverages, whether in relation to wind versus water, business interruption or windstorm deductibles.

Superstorm Sandy could easily place high on the list of the most costly hurricane losses for the insurance industry with insurance estimates ranging from $7 billion to over $20 billion and economic damage exceeding $50 billion. If Sandy causes $50 billion in economic damage (in 2012 dollars), it would rank as the 7th most damaging hurricane or tropical storm (out of 242) to hit the U.S. since 1900. The wake up factor is Sandy was far weaker than any other storm topping this list. Sandy was not even officially a hurricane when it made landfall along the U.S. coast. If Hurricane Irene in 2011, which impacted the Northeast as only a tropical storm, caused $4.3 billion in insured losses and didn’t raise questions as to how vulnerable the northeast coastline is, Superstorm Sandy will.

To learn more about BMS’ expert Analytical Services Team – click here.

M&A discussion – Phil Campbell – Reactions

Phil Campbell, EVP of BMS’ Property & Casualty Team featured in Reactions Magazine discussing the Pros & Cons of M&A. He said: “Acquisitions are like Oreo cookies…One or two can taste good, but having 30 is not good for you.”

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Top 25 EC3 Broker

BMS ranked 8th in the Post Magazine’s Top 25 EC3 Brokers for 2012.

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ILWs on standby after Sandy – Stefano Nicolini – Insurance Insider

Stefano Nicolini, SVP of BMS’ Retro/ILW team featured in Insurance Insider discussing the use of ILWs in light of Hurricane Sandy.

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