BMS Names Beardmore New CEO

September 8, 2010

BMS, the London-based specialist insurance group, announced the appointment of Carl Beardmore as CEO of BMS Associates Ltd, the group holding company, subject to the approval of the UK’s Financial Services Authority (FSA).

The bulletin noted that he has “been actively involved with BMS for eight years as a consultant and non-executive director. He has a wealth of experience, advising in the insurance markets as well as running businesses in other industries.”

Beardmore stated that he is “delighted to have been asked to lead BMS as we transform the business.” He added that it “is an exciting time for the group as we create a unique business model that will see significantly increased revenues and sustained profits. This will come from organic growth, acquisitions to increase the breadth and depth of our production capabilities, the introduction of an underwriting platform and an expansion of our MGA capability.

“On the broking side we have set ourselves the ambitious goal of doubling the size of the business by 2015. Hugo Crawley and his team are starting to see good results from initiatives that are already in place, and our focus on restoring choice and high service levels is bearing fruit with a stream of new business.”

Beardmore added that BMS is also “looking to acquire teams who focus on new risk classes or clients in different geographies. Discussions are underway with a number of teams who are keen to be part of a growing group with a clear vision, strong values and a structure that enables them to have the freedom to run their own book of business.”

“In terms of establishing an underwriting capability at BMS, we are fully committed to achieving this by 2011 and are in the process of evaluating a number of different options.

“We are very clear that there is a sea change underway here and we are positioning ourselves as a dynamic leader and trailblazer in our field. This energy and ambition is making BMS a motivational and rewarding place to work as well as delivering the right result for our clients.”

The BMS Group was formed in 1980 from brokers Ballantyne McKean & Sullivan Ltd, “as a specialist North American treaty reinsurance broker,” according to information on its web site (www.bmsgroup.co.uk). “The Group has grown both organically and by acquisition and now comprises some 11 London-based member companies and 10 international offices providing a wide range of specialist products and solutions.” It services clients “from locations in London, Bermuda and North America, focusing on Reinsurance, Binding Authority and Insurance broking. In 2009 the Group’s turnover was £46.9 million [$72.5 million].

Source: BMS Group

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