BMS taps ex-PartnerRe CEO as chair amidst £355m capital injection for major growth spurt
Specialist re/insurance broker BMS has hired former PartnerRe president and CEO Emmanuel Clarke as new group chairman, in a move that coincides with the completion of a £355 million investment in the company by French private equity firm Eurazeo.
First announced in December 2022, the new investment gives Eurazeo a c.34% stake in the business. It is aimed at enabling BMS to further expand its global foothold both organically and through an active M&A strategy.
Industry veteran Clarke (pictured left) will become BMS Group chairman, taking over from John Hastings-Bass. Hastings-Bass will remain with BMS as chair of its UK and International operations.
BMS’s existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP), management and staff remain significant investors in the business.
In the past year, BMS also completed ten acquisitions, building on the eight made in the period 2019 to 2022, and saw staff numbers increasing from c.400 to more than 1,200 worldwide. The company is forecasting revenues of £300 million and growth of 30% across its three pillars of Specialty, Reinsurance, and International in 2023. BMS now operates in 16 countries, with 33 offices.
BMS Group CEO Nick Cook (pictured right) said: “With the closure of this transaction, we move into 2024 on a wave of momentum with the capital required to further drive our vision of becoming the independent specialty insurance and reinsurance broker of choice.
“Our people are quite exceptional, and as we mark this critical juncture in BMS’ growth, I owe them a special thanks for their dedication and commitment to delivering extraordinary service to our clients.
“This significant investment not only brings new capital and resource to BMS but to our clients and the market as a whole. We will continue to bolster our reputation as the clear and natural home for entrepreneurial, client focused talent who want to be fully empowered and rewarded by an innovative and high-growth culture.
“I also welcome Emmanuel to BMS. His successful build out of PartnerRe’s global reinsurance business during his 25-year tenure alongside his experience with progressive, data, digital and technology driven financial models will immediately contribute to BMS. Similarly, I am delighted that John has agreed to stay with BMS. Under his chairmanship we have seen astonishing growth and I, along with all of BMS, thank him for his indispensable role in our success.”
Maxime de Bentzmann, co-head mid-large buyout at Eurazeo, added: “Specialty insurance and reinsurance markets are long standing investment themes for Eurazeo’s mid-large buyout strategy. BMS’ entrepreneurial and meritocratic culture and international footprint align well with Eurazeo’s investment approach. Since signing, the business has continued on its impressive organic and inorganic growth trajectory on which we are committed to support Nick Cook and the management team."
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