Independent specialist re/insurance broker BMS has revealed that its annual revenues for the first time exceeded £100 million in 2018.
Overall revenue grew by 25% while BMS’s London wholesale business posted 32% growth. BMS’s reinsurance division achieved an 18% revenue increase.
“This remarkable result belongs to BMS staff, who have driven our group success over the past years,” said Nick Cook, Chief Executive Officer of BMS.
“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,”
The U.S reinsurance operation has reportedly been a key driver of BMS’s emergence as a leading independent global broker, with revenue increasing by 28%.
“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.”
“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,” Cook added.