BMS completes major investment

BMS Group has announced the completion of a significant equity investment by British Columbia Investment Management Corporation and Preservation Capital Partners.

The investment, first announced in June, values BMS at £500m. Its management and staff maintain a significant shareholding. The management team, led by chief executive officer Nick Cook remain unchanged, as representatives from BCI and PCP have joined the board.

“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,” Cook said. “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.”

Pioneer Underwriters said the investment would not affect its own operations. It is owned by the current shareholders of Minova Insurance, the previous owner of BMS. There will be no changes to Pioneer’s executive management team, including group chief executive officer, Andrew McMellin. Dane Douteil will remain as non-executive chairman.

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