BMS Group, the leading independent global broker, today announced the opening of its Sydney office. This marks another significant strategic goal for the group, with its first office in the Asia-Pacific region.
The office will be led by respected Australia-based facultative broker, Glenn Kerr. Kerr, formerly of Aon Benfield, joins the BMS Wholesale team led by Chief Executive Nick Cook. He is tasked with leading the continued growth of BMS’ wholesale and facultative business in the Asia-Pacific region.
Chief Executive Nick Cook said:
The opening of our Sydney office demonstrates BMS’ commitment to expanding the global wholesale division and further enhances our product offering to our clients. Strategically Asia Pacific is fundamental to our growth plan and under Glenn’s leadership we look forward to building our platform in the region.”
Video: Carl Beardmore discusses the opening of the New York office – which is key for BMS and its continued expansion of the US platform.
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.