BMS 2018 annual profits bumped up to £100m; CEO Cook lauds "remarkable results"
Specialist re/insurance broker BMS Group posted a 25 percent increase in its 2018 revenues, mostly driven by growth in its London wholesale and US reinsurance businesses, according to CEO Nick Cook.
BMS reported that in 2018 its annual revenues for the first time exceeded £100 million.
The company's London wholesale business posted particularly impressive results, growing revenue by 32 percent, while the reinsurance division achieved an 18 percent revenue increase.
The broker said its US reinsurance operation has also been a key driver with revenue increasing by 28 percent.
In 2018, the company also enhanced its investment in technology with the launch of BMS Innovation Labs, and introduced other initiatives, including bolstering its teams in Australia, Bermuda and London, all of which is said to have contributed to the improvement in efficiency and increased revenue.
“This remarkable result belongs to BMS staff, who have driven our group success over the past years. BMS’s independent, client-centric and employee-owned business model has proven its worth time and time again, attracting and retaining the market’s finest talent," said Cook.
“We are also investing in our US platform where we see significant opportunity to add value to existing and new clients in the US reinsurance and MGA space. Our independence matters, as US insurers’ options diminish with continued M&A in the reinsurance broking sector."
Cook added: “Our management team has consistently pursued an organic growth plan focused on delivering what BMS is renowned for: client-centric, flexible, independent broking and advice that delivers for our customers.”
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