BMS Group, an independent specialty insurance and reinsurance broker, has secured an investment from Eurazeo which sees the business valued at £1.75bn.
Existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP), management and staff will continue to be invested in the business.
Operating across 14 countries, with 28 offices, BMS Group said this additional investment will enable an acceleration in its pace of growth across its core trading divisions as well as focused investment to continue to deliver results for clients.
BMS’ management team, led by chief executive officer Nick Cook, will all remain in their roles following completion of the transaction, which is subject to regulatory approvals.
Management and staff of BMS will also remain significant shareholders in the company.
The company said from 2019 to 2022 revenues have increased from £100m to more than £250m. BMS has also made eight acquisitions over the past three years, the most recent being Eisenar in Spain.
Cook said,“At a time when the macro-economic environment is causing headwinds for some, this investment is testament to the extraordinary growth and expansion we have delivered for several years and the confidence we have in our strategy to expand as a global independent specialty insurance and reinsurance broker.
“BMS has attracted immense attention over the past few months from global investors as we looked to position the business for an exciting future. The global reach of Eurazeo will undoubtedly help us in our ongoing expansion alongside the continue support of BCI and PCP. I am delighted to welcome Eurazeo, a prestigious listed global partner.”
Maxime de Bentzmann, managing director, Eurazeo, added, ”We have been exploring specialty insurance and reinsurance markets for some time and are delighted to have found, in BMS, another perfect opportunity to partner with a successful, global business with numerous transformation levers.”
Last month, Starfish Specialty, a managing general agent (MGA), raised $2.5m in its second funding round in addition to £500,000 in debt.
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