BMS
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Cargo movement has been elevated following a sustained period of rate hardening. -
While BMS has achieved a solid price and a favourable investor structure, there are signs of a cooler M&A market ahead.
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The French firm will acquire up to 34% of the broker’s share capital.
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The French firm saw off competition from Nordic Capital and Permira.
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The executive is to join the UK specialty unit as an advisor.
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Richard Wynn, Phil Gander and Peter Nyonyintono are tasked with expanding BMS’s specialty capabilities.
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Permira, Nordic Capital and Eurazeo are in the frame to back the broker.
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The family-run business deals in industrial risks and professional sports coverage.
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Before joining BMS Re, Christopher Larson spent 24 years at QBE Re, helping to expand the (re)insurer’s North American operations.
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The broker’s sustained hiring has driven it to hit revenues of £250mn in 2022.
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In the more extreme of two scenarios, Ian could mimic 1921’s Tarpon Springs hurricane at a cost in the double-digit billions, BMS said.
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The business has retained Evercore to advise on future funding options.
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