BMS Group, (“BMS”), the independent specialist (re)insurance broker, today announced the completion of the significant equity investment by affiliates of British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”) first announced in June. All required regulatory approvals have been secured.

Management and staff of BMS maintain a significant shareholding in the company and CEO Nick Cook and the executive management team remain unchanged. Representatives from BCI and PCP have now joined the BMS board.

BMS has continued to expand its capabilities, with over 140  significant broking, analytical and actuarial hires in the past 18 months including: Nick Moss (Global FD, JLT Re); Pete Chandler (Deputy CEO US reinsurance, JLT Re); James Chicken (director, Price Forbes & Partners); Gregg Holtmeier (managing director North American casualty, Guy Carpenter); Neil Prior (Chief Executive, Priority Underwriting); and Clare Whitlam (senior vice president, actuary, JLT Re). This expansion is set to gather pace following completion.

Nick Cook commented: “With BMS’s long-term future as an independent broker secured, BMS is poised for strong profitable growth. With the capital strength of BCI and PCP behind us, we are expanding in the North American reinsurance market and other high growth specialty and emerging risk lines that consistently generate strong performance. BMS has become the alternative broker of choice, with a full suite of analytical and actuarial capabilities to rival and, in some areas, exceed those of the world’s biggest broking firms, making it an attractive home for the industry’s leading talent.

“This major investment is a ringing endorsement of the London market and its continued leading role in the world’s insurance markets. I am convinced that our strategic partnership with BCI and PCP will be the gold standard for long-term investment in global wholesale and reinsurance broking for years to come.”

BMS were advised by Canaccord Genuity.

About BMS

BMS Group is a leading independent specialist insurance broker with teams of experts in the fields of reinsurance, wholesale and direct insurance. For 38 years, BMS has provided comprehensive, customised solutions in the fields of wholesale, reinsurance and direct insurance, and capital advisory. Today, this experience and expertise, served with a spirit of creativity, allows BMS to offer a full range of integrated services. Designing individual, tailored solutions makes BMS the risk and capital management advisor clients want to work with time and again.

For more information about BMS please visit www.bmsgroup.com

About BCI

With C$153.4 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 (PCP) is a 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. PCP has been one of the most active investors in the specialty insurance distribution market over the last few years having made investments in Ascent Underwriting, Cove Program and Bay Risk Services.

For more information about PCP, please visit www.preservationcp.com