BMS, the independent specialist insurance and reinsurance broker, today announces that in 2018 annual revenues for the first time exceeded £100mn, one of a number of financial landmarks achieved by the business over the course of the year.
Overall revenue grew by 25%. BMS’s London wholesale business posted particularly impressive results, growing revenue by 32%. BMS’s reinsurance division achieved an 18% revenue increase.
The US reinsurance operation has also been a key driver of BMS’s emergence as a leading independent global broker, with revenue increasing by 28%.
Hires in Australia, Bermuda and London, including a market-leading energy team joining the London wholesale business, contributed to BMS’s headcount swelling to over 390 employees. BMS continued to invest in technology and its Innovation Lab, to drive change within the company and the wider insurance industry. The initiatives have enhanced BMS’s service offering to both clients and markets, which in turn has improved efficiency and increased revenue.
Nick Cook, CEO of BMS, said:
“This remarkable result belongs to BMS staff, who have driven our group success over the past years. BMS’s independent, client-centric and employee-owned business model has proven its worth time and time again, attracting and retaining the market’s finest talent.
We are also investing in our US platform where we see significant opportunity to add value to existing and new clients in the US reinsurance and MGA space. Our independence matters, as US insurers’ options diminish with continued M&A in the reinsurance broking sector.
Our management team has consistently pursued an organic growth plan focused on delivering what BMS is renowned for: client-centric, flexible, independent broking and advice that delivers for our customers.”