BMS buys US reinsurance broker to 'strengthen its grip' as top-tier business
Specialist re/insurance broker BMS has acquired a US-based intermediary to cement its position in the property catastrophe reinsurance market, a move it hopes will further "strengthen its grip" as a top-tier reinsurance broking business.
BMS Re has acquired Trean Intermediaries, an independent reinsurance broker and services company that specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurers and MGAs.
The transaction will strengthen BMS Re’s geographic presence in key growth areas in Florida, North Carolina, Los Angeles and the Greater Boston Area.
Sean Ryan, president of Trean, will assume the newly created role of deputy CEO at BMS Re, and will report to Pete Chandler, president and CEO of BMS Re. Ryan held a number of key underwriting roles prior to joining Trean Corp in 2009. He began his broking career at Carvill America where he was a senior vice president in the Connecticut and New York offices.
JJ Johnson, managing partner at Trean, will assume the role of chief production officer of BMS Re. He began his career on the underwriting side of the business at Chartwell Re in 1995. In 1999, he was part of the founding team of Axiom Intermediaries which evolved into the fifth largest reinsurance intermediary in the US. In 2005, Axiom was sold to Brown & Brown and Johnson remained as president until 2010.
Both the executives will be joined by two senior partners Mark Rex and Jeff Sorrels. Rex, who joined Trean in 2019, has 34 years of experience in the property and casualty reinsurance markets during which time he worked for Willis, Aon and Guy Carpenter where he led workers’ compensation programme practices. Sorrels brings extensive property/casualty broking expertise and years of technical experience as he was a catastrophe modeller at Trean for regional and national business.
Nick Cook, group CEO of BMS, said: “This acquisition underlines our strong commitment to the growth of our reinsurance business as well as the scale and diversity of our offering. We have an excellent team at BMS Re, with market-leading analytical capabilities, in which we are continuing to invest extensively, both in terms of technology and talent. The backing of our long-term investors allows us to leverage substantial financial firepower to implement a strategically aligned M&A strategy that sits alongside our proven organic growth model.
"Our two businesses have a strong cultural alignment, with the team at Trean placing the same value in independence, entrepreneurial spirit and client-focused operational practices that we do here at BMS.”
Chandler added: “The acquisition of Trean represents an exciting and significant addition to the BMS Group. We have known the team for many years and it will certainly be refreshing to join forces with Sean Ryan, JJ Johnson, Mark Rex, Jeff Sorrels and the entire Trean team. With this move, we are further strengthening our grip as a top-tier reinsurance broking business able to compete at the highest levels. To us, it is important to be the independent reinsurance broker of choice and we are thrilled to announce this important step in growing our presence and reach in the reinsurance broking market.”
Ryan commented: “We are excited to join the fast growing BMS Re and expand the number of analytical services we can provide our client base. We have a great group of clients and colleagues that have always enjoyed our entrepreneurial approach and we look to bring that spirit to BMS Re.”
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