BMS hires senior financial lines exec to target 'true hard market'

Specialist re/insurance broker BMS Group has appointed Chris Madell, former CEO of Allstate Underwriting Agencies, as director in its new financial lines division.

Madell has over 33 years’ insurance experience in both the London and Australian markets, specialising in financial lines and other specialty products.

Before joining BMS, Madell was CEO at Allstate Underwriting Agencies since 2017. Prior to that, he was head of distribution in the global broker unit of ACE Australia (now Chubb Insurance Australia) between 2015 and 2017. Madell gained his experience in financial lines in Australia and the UK at ACE European Group and Aon. He started his career at Janson Green Underwriting Agency in 1987.

In his new role, Madell will focus on building out a new financial lines capability for BMS, working closely with both the London headquarters and the Australian office.

He will be based in London, reporting to Ian Gormley, managing director of the BMS Global Risks division.

Gormley said: “BMS is continually looking to bring in high quality individuals like Chris. He has an excellent reputation and his international experience and management skill will be a great addition to BMS. Chris will be working closely with our overseas offices in Australia and Miami to complement their FI focus. Financial Lines and D&O are in a true hard market right now and having a proven specialist such as Chris with deep technical understanding will help our clients navigate in the current market.”

Madell commented: “I’m delighted to be joining BMS, an independent with an investment strategy that really piqued my interest. Financial Lines is in a state of dislocation, the likes of which I’ve never seen before. The team is investing in talented market professionals with a passionate appetite for client service excellence. We will be taking a thoughtful approach to certain industry sectors, utilising in-house expertise to deliver a very different partner experience.”