First announced in December 2022, the Eurazeo investment shows BMS’ commitment to growth across its trading arms.
In addition, it aims to enhance its digital, analytics and modelling capabilities and further reinforce its ability to deliver client solutions.
Since the transaction was announced, BMS has continued its rapid expansion and is set to close out another year of growth with forecast revenues of £300m ($367m) and growth of 30% across its three pillars of Specialty, Reinsurance, and International.
Furthermore, in the past year, BMS has made ten acquisitions, building on the eight made in the period 2019 to 2022, and saw staff numbers increasing from approximately 400 to more than 1,200 worldwide.
Also from 28 September 2023, Emmanuel Clarke will become BMS Group chairman, taking over from John Hastings-Bass.
Previously the president and CEO of PartnerRe, he has a record of leading and growing the asset value of teams.
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Reaction to BMS Eurazeo investment
BMS Group CEO Nick Cook said: “With the closure of this transaction, we move into 2024 on a wave of momentum with the capital required to further drive our vision of becoming the independent specialty insurance and reinsurance broker of choice.
“Our people are quite exceptional, and as we mark this critical juncture in BMS’ growth, I owe them a special thanks for their dedication and commitment to delivering extraordinary service to our clients.
“This significant investment not only brings new capital and resource to BMS but to our clients and the market as a whole. We will continue to bolster our reputation as the clear and natural home for entrepreneurial, client focused talent who want to be fully empowered and rewarded by an innovative and high-growth culture.
“I also welcome Emmanuel to BMS. His successful build out of PartnerRe’s global reinsurance business during his 25-year tenure alongside his experience with progressive, data, digital and technology driven financial models will immediately contribute to BMS. Similarly, I am delighted that John has agreed to stay with BMS. Under his chairmanship we have seen astonishing growth and I, along with all of BMS, thank him for his indispensable role in our success.”
Maxime de Bentzmann, co-head mid-large buyout at Eurazeo, added: “Specialty insurance and reinsurance markets are long standing investment themes for Eurazeo’s mid-large buyout strategy. BMS’ entrepreneurial and meritocratic culture and international footprint align well with Eurazeo’s investment approach. Since signing, the business has continued on its impressive organic and inorganic growth trajectory on which we are committed to support Nick Cook and the management team.”