Independent broker BMS Group announced that it has “continued the momentum of its expansion in 2012 confirming revenues in excess of £63 million [$95 million], up 20 percent on 2011. Over the past two financial years this equates to 27 percent growth in annual revenue. As a result of this growth, brokerage per head increased by 7 percent to £190,000 [$285,678].”
The Company also said its “reinsurance platform grew by 22 percent, Wholesale by 12 percent, and Pioneer MGA grew by 250 percent. The Specialty businesses had another very successful year, making a significant contribution to group income.
“The Company has also made a strong start to 2013 with revenues already up 20 percent on the previous year and overall it expects growth of at least 10 percent on 2012.”
BMS added that during 2013 it “expects to reap the rewards of extending its international footprint in Asia Pacific. The Sydney office opened in January 2013, led by respected facultative broker Glenn Kerr, to optimize opportunities in that region. In addition, BMS has created a new team to focus specifically on the opportunities the Florida market presents, and expects further expansion of the London-based Pioneer MGA platform with continued support from the Pioneer team in the US.”
CEO, Carl Beardmore said: “We saw strong growth across our platforms evidenced by the effective roll out of our strategy in combination with strong performance from the investments made over the past couple of years. These investments have added impetus to BMS’s growth and provide the potential for continuing progress going forward.
“Furthermore, we are confident that additional momentum will be added now that the majority of the new hires who joined in the last 18 months are now established teams and free of any legal constraints.
“This is an encouraging result for us and generating revenues in excess of $100 million is a significant milestone. We’re making good progress and I am confident about our ability to achieve our medium term goals.”
Source: BMS Group