Insurance broking firm BMS has inked a preferred partner agreement with partner Insurex Re, a Chile-based independent reinsurance broker.

The two firms, through this partnership, aim to target facultative and treaty reinsurance placements that cover property cat, financial lines, surety, and construction fields.

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Insurex Re CEO Eduardo Riquelme said: “We are very pleased to be taking our strong working relationship with BMS to a new level.

“Having the backing of a leading international broker such as BMS will allow Insurex Group to grow through Insurex Re across all lines of reinsurance in Chile, while BMS will benefit from our local expertise and presence.”

Under the arrangement, BMS will work with the Insurex group, including its InsurTech and retail divisions, to distribute specialty products.

The partners will primarily focus on financial services, surety, mining and property, and the public services sector.

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BMS international head David Battman said: “BMS’s international strategy is based on establishing BMS hubs in key global financial centres, which in turn work closely with the best independent partners in their regions.

“Our Miami-based team will enhance its access to new opportunities in the Southern Cone through this new close partnership with Insurex Re.”

BMS Latin America CEO Jose Astorqui said: “There are already strong synergies between BMS and Insurex Re, which we will build on.

“We have a dynamic, long-term strategy that positions both groups to benefit as Chile and neighbouring economies return to growth after current difficulties. Signing this Agreement in these trying times is a real statement of intent.”