Specialist insurance and reinsurance broker BMS Group has announced the appointment of Pete Chandler as President and Chief Executive Officer of BMS Re US, effective December 9th.
Chandler joined BMS in May 2019 from JLT Re, taking up a role as President of US reinsurance operations.
Now, in his expanded role, Chandler will oversee the overall operations of BMS Re US and focus on its strategic development.
Based in San Francisco, he will report to BMS Group CEO Nick Cook.
BMS also announced further management changes within its US reinsurance team, as it prepares for “significant US expansion.”
These include the transition of Steve Korducki, currently CEO of BMS Re US, into the role of Chief Financial Officer (CFO), based in Minneapolis.
As a former CEO of P&C insurance companies, Korducki will have a crucial role in managing the enlarged reinsurance platform, BMS explained.
Additionally, Andrew Bustillo, currently Executive Managing Director of Origination for BMS Re US, will take on the role of Vice Chairman, having previously held the CEO position. Based in New York, he will continue to drive production efforts.
The reorganisation follows the completion in October of a large-scale investment into BMS by British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP).
“BMS Re US is primed for growth,” said CEO Nick Cook. “With the backing of BCI and PCP, we are ready to fulfil our role as the independent reinsurance alternative to the big three.”
“We have already made a number of significant appointments in the US and London, with many more hires of the industry’s top-tier talent planned,” he added.
Chandler also commented: “BMS Re US has the best talent in the business, financial backing that is the envy of the industry and a client-centric, independent ethos that has consistently demonstrated it adds value to our clients, as they define it.”
“With Steve and the executive team, I am very excited to take on the reins as we build out this business and create the best and largest independent reinsurance broker in the US.”
