BMS continues Asian expansion with acquisition of VIB
UK-based broker BMS has expanded into South Korea with the acquisition of Seoul-based Value-add Insurance Broker (VIB).
As part of the acquisition, VIB will become a newly licensed entity called BMS Korea, operating under the wider BMS Asia team, and provide M&A insurance to the Korean market as part of its strategy to expand its presence in the Asian Pacific market.
BMS, which launched its original operation in Asia in January, is led by former Aon executive Sandra Lee.
VIB was established in early 2021 by Lee Yongtak, who will become CEO and managing director of BMS Korea.
Yongtak has more than 20 years’ experience as a broker and an underwriter in Korea.
He was most recently the senior director and head of financial lines at Aon’s Korean operations, where he developed and led the M&A insurance solutions practice for more than 10 years.
Prior to this, he was an underwriter in several Korean and international insurance companies.
BMS CEO Nick Cook said: “Having a local presence in Seoul aligns perfectly with our international strategy of providing clients with value-added services in the world’s leading financial services hubs.”