Updated: Dec 28, 2022 07:21 AM
Delighted: BMS chief executive officer Nick Cook (File photograph)
BMS Group, the independent specialist re/insurance broker with an operation in Bermuda, has announced that a definitive agreement has been entered into with Eurazeo, the global investment company headquartered in Paris, for an additional investment in the business.
Announcing the transaction, BMS said the investment values the business at £1.75 billion.
In a separate announcement, Eurazeo said it is to invest up to £355 million in BMS Group and acquire up to 34 per cent of its share capital.
It added that definitive financial information will be disclosed once the transaction has been completed.
Existing shareholders British Columbia Investment Management Corporation, Preservation Capital Partners, management and staff will continue to be invested in the business.
The transaction is subject to regulatory approvals.
In the period 2019 to 2022, revenues at BMS have increased from around £100 million to more than £250 million.
BMS has made eight acquisitions over the past three years, the most recent being Eisenar in Spain. Staff numbers have risen by more than 70 per cent to about 900 people across specialty and reinsurance disciplines.
BMS has also recently strengthened the leadership team including Nick Gillett (CEO, BMS International), Eliot Powell (Group CCO), Louisa Erwin (Group head, DEI), Ian Matheson (chairman, Canada), Chris McDowell (CEO, Bermuda), Ted Hodgkinson (chairman, Asia).
Operating across 14 countries, with 28 offices, this additional investment, the company said, will enable an acceleration in BMS’ pace of growth across its core trading divisions as well as focused investment to continue to deliver exceptional results for clients.
BMS’ management team, led by chief executive officer Nick Cook, will all remain in their roles following completion of the transaction, and management and staff of BMS will remain significant shareholders in