UK headquartered brokerage BMS Group has announced the completion of its equity investment from British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP).
First announced back in June 2019, the investment valued BMS at £500 million (US $636 million).
Following the investment, management and staff of BMS will maintain a significant shareholding in the company.
The executive management team, including CEO Nick Cook, remains unchanged, although representatives from BCI and PCP have now joined the BMS board.
“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,” he continued.
“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.”
As part of the arrangement, Pioneer Underwriters will now be directly owned by the current shareholders of Minova Insurance, the holding company that had previously owned BMS.
Pioneer said that it “remains independent and owned directly by previous shareholders with Dane Douetil remaining as non-executive chairman.”
The company said that Pioneer’s executive management team sees no changes, with Andrew McMellin (Group CEO) continuing to oversee implementation of the company’s strategy for profitable growth.
