BMS – 2012 Best Places to Work in Insurance

BMS has been selected as one of the 2012 Best Places to Work in Insurance and Winner in the Reinsurance Broker category, in the 4th annual survey organized by US publication Business Insurance Magazine and Best Companies Group. The survey was open to all US team members.

BMS CEO, Carl Beardmore said:

I am incredibly proud of this achievement. This marks another strategic goal for BMS as we continue towards our stated vision of being the broker of choice and best place to work.

We will continue to grow BMS by optimising our people and attracting the best that the insurance market can offer – fostering an environment where people can thrive and develop their careers in a flexible, innovative environment. We view this award as a first step towards being seen as the place to work in the industry and look forward to the group winning many more in the future.”

BMS has made significant investments over the last 18 months in expanding its US platform with new offices in New York, Chicago, Philadelphia, Atlanta, Santa Monica and Minneapolis. It has increased its headcount in the US considerably, with more than 70 new team members joining in the last 18 months. Alongside best-in-class brokers, BMS’ focus has been on attracting industry-respected actuaries, catastrophe modelers, claims and contracts experts, to augment its client offering.

As an employee-owned company, BMS has the freedom to shape its proposition around its people and clients. The ethos is one where the staff manage the culture and environment, built around team member engagement and staff communities that feed into and work closely with the leadership team. Free from administrative disadvantages and red tape when implementing innovation or change, the operational infrastructure and expertise is in place to invest in progressive ideas and really maximize potential.

Monte Carlo Rendez-vous 2012 – BMS Press

BMS experts featured in a number of thought-leadership articles during Monte Carlo Rendez-vous 2012:

CEO, Carl Beardmore:

Global Reinsurance Daily Preview

Director – P&C, Simon Clutterbuck

Business Insurance:

Reinsurers embrace growing number of alternative funding methods

Casualty lines challenge reinsurers but offer long-term opportunities

Reinsurance costs not likely to increase at year-end renewals

SVP, Retro/ILW Team, Stefano Nicolini

Reactions: Surplus ILS capital used on ILWs

 

 

Press Coverage – New York Office

News of the BMS Manhattan office opening was widely covered in the press – acknowledging its significance in the continued growth of the BMS offering in the US.

Here is a selection of stories covering the opening:

Business InsuranceBroker BMS Group opens New York office

Global ReinsuranceBMS opens New York office

Reactions: BMS New York Office plans

Insurance insiderBMS targets US growth with New York office and CEO relocation

Insurance day BMS CEO’s New York move signals strategic focus on US growth

Post OnlineBMS opens in New York

Insurance JournalU.K.-based Broker BMS Group Opens New York Office

 

 

BMS opens New York office

Video: Carl Beardmore discusses the opening of the New York office – which is key for BMS and its continued expansion of the US platform.

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BMS opens New York office

Leading independent broker BMS today announces it has opened an office in New York City. The Park Avenue office will be the base of Group CEO, Carl Beardmore, who will now be spending the majority of his time in the United States. Larry Cantwell, Executive Vice President, will be the lead producer.

This development sees BMS further strengthen its position in North America where it continues to grow its reinsurance business. Over the past 18 months it has invested in a number of key personnel both in the UK and US, particularly in its modelling and analytics offering. BMS is also in the process of moving the servicing of all reinsurance accounts from London to Minneapolis.

Carl Beardmore commented:

Opening an office in Manhattan is vital to the continued expansion of our US platform to complement our strong London position and build a truly unified reinsurance platform. The new office will primarily be a production centre, led by industry veteran Larry Cantwell. However, it is also designed to be a hub for all our markets, and any staff or clients who want to use the facilities will be made very welcome.

For me, the most important thing is that we demonstrate our continued commitment to our clients. We have invested heavily in our US offering, both in our modelling and analytics capabilities, and we are in the process of moving the servicing of all reinsurance accounts from London to Minneapolis. Everything we do is for our clients’ benefit, and to make it easier for them to do business with us, which is why I’m moving to the US and why we’ve opened this impressive new office in New York”.

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 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.

Carl Beardmore & Paul Vincent discuss the story behind the 2010 financial figures

BMS announces its promising 2010 financial figures, a £10m three year revolving credit facility agreed with Lloyds Bank Corporate Markets to support investment and an agreement with its only external shareholder AHJ Holdings Ltd (AHJ), to buy back their shareholding, positioning BMS for growth.

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