BMS Re: people are the difference
US insurers facing what could be a tricky year-end renewal should start negotiations early and be transparent. But those that have been consistent and continuously invested in long-term relationships with reinsurers should be in the strongest position.
That is the advice of Christa Coletti (pictured), executive vice president at reinsurance broker BMS Re and head of its Philadelphia office. She is also a specialist in the renewal of the reinsurance treaties with specific expertise in helping mutual insurers.
Coletti has her hands full at the moment, but is adamant that the principles that are important in a relationship-based industry do not change with market conditions. Clients that have nurtured relationships and remained loyal will reap the rewards now.
“Our advice is to get information out early, have the discussions, be transparent, and allow reinsurers time,” she said. “That constant dialogue is important. This industry is all about people, about relationships. We have worked hard for decades to build trust between clients and reinsurers.
“Now that will bear fruit. We’re in a difficult cycle, which could get even more difficult depending on further losses. But that’s when relationships matter.”
This ethos reflects BMS Re’s wider approach to business—and how it sets itself apart. Coletti explains that it invests in relationships, seeking partners whose values align with its own, those open to long-term relationships.
“We’re not everything to everyone, but we’re everything to some—companies whose values align with our values, our mission. That’s what drives us. Our clients’ success is our success. We are an employee-led organisation with an entrepreneurial spirit. We fully service our clients to the best of our ability,” she explained.
Coletti started at BMS Re in 2010, launching its Philadelphia office. Since then, the Philadelphia office has grown to a hub of 21 people. In addition to placing standard property/casualty business, it has developed a specialist niche in working with mutual insurers and has experts in a number of other lines including professional lines and workers’ compensation. The team also offers advisory services, actuarial support and risk and analytics capabilities.
