BMS poised for 'strong profitable growth' as it secures major investment from BCI and PCP
BMS Group has secured a long-term equity investment, which values the specialist re/insurance broker at £500 million, from British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP).
The deal, which was first announced in June, has been completed following the receipt of all regulatory approvals.
Following the investment, the management and staff of BMS will maintain a significant shareholding in the company. The executive management team, including CEO Nick Cook, will remain unchanged, although representatives from BCI and PCP will join the BMS board.
Meanwhile, BMS' former sister company Pioneer Underwriters has confirmed that it will remain independent and owned directly by previous shareholders with Dane Douetil remaining as non-executive chairman. There will be no changes to Pioneer’s executive management team, with group CEO Andrew McMellin continuing to oversee implementation of the company’s profitable growth strategy as it trades forward.
“With BMS’s long-term future as an independent broker secured, BMS is poised for strong profitable growth," said Cook. "With the capital strength of BCI and PCP behind us, we are expanding in the North American reinsurance market and other high growth specialty and emerging risk lines that consistently generate strong performance. BMS has become the alternative broker of choice, with a full suite of analytical and actuarial capabilities to rival and, in some areas, exceed those of the world’s biggest broking firms, making it an attractive home for the industry’s leading talent.
“This major investment is a ringing endorsement of the London market and its continued leading role in the world’s insurance markets. I am convinced that our strategic partnership with BCI and PCP will be the gold standard for long-term investment in global wholesale and reinsurance broking for years to come.”
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