BMS closes on growth capital investment, names Emmanuel Clarke as chairman

Independent insurance and reinsurance broking group BMS has announced the completion of its growth capital investment from global investor Eurazeo, while also naming former PartnerRe CEO Emmanuel Clarke as its chairman.

In a deal originally announced last December, Eurazeo has now invested £355 million in BMS Group, acquiring 34% of its share capital, becoming investors in BMS alongside existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees.

Now, the investment has passed regulatory approvals and so Eurazeo and BCI are now understood to be the majority shareholders in the broking group.

BMS said the investment signals its “commitment to further accelerating growth across its trading divisions; enhancing its digital, analytics and modelling capabilities, and further reinforcing its ability to deliver exceptional client solutions.”

Since the deal was announced, the broker says it has achieved revenues of close to £300 million, with growth of 30% across its three pillars of Specialty, Reinsurance, and International broking.

BMS has also completed ten acquisitions since then, while its staff numbers have increased from c.400 to more than 1,200 worldwide.

“The investment will support BMS as it strengthens its client focused propositions with the attraction of further exceptional talent and through the ongoing M&A pipeline,” the company explained.

The company also announced that, as of 28th September 2023, Emmanuel Clarke, the former President and CEO of partnerRe will become BMS Group chairman, taking over from John Hastings-Bass.

Hastings-Bass will remain with BMS as chair of its UK and International operations, the company said.

BMS Group CEO Nick Cook commented, “With the closure of this transaction, we move into 2024 on a wave of momentum with the capital required to further drive our vision of becoming the independent specialty insurance and reinsurance broker of choice.

“Our people are quite exceptional, and as we mark this critical juncture in BMS’ growth, I owe them a special thanks for their dedication and commitment to delivering extraordinary service to our clients.

“This significant investment not only brings new capital and resource to BMS but to our clients and the market as a whole. We will continue to bolster our reputation as the clear and natural home for entrepreneurial, client focused talent who want to be fully empowered and rewarded by an innovative and high-growth culture.

“I also welcome Emmanuel to BMS. His successful build out of PartnerRe’s global reinsurance business during his 25-year tenure alongside his experience with progressive, data, digital and technology driven financial models will immediately contribute to BMS. Similarly, I am delighted that John has agreed to stay with BMS. Under his chairmanship we have seen astonishing growth and I, along with all of BMS, thank him for his indispensable role in our success.”

Maxime de Bentzmann, co-head mid-large buyout at Eurazeo, further explained, “Specialty insurance and reinsurance markets are long standing investment themes for Eurazeo’s mid-large buyout strategy. BMS’ entrepreneurial and meritocratic culture and international footprint align well with Eurazeo’s investment approach. Since signing, the business has continued on its impressive organic and inorganic growth trajectory on which we are committed to support Nick Cook and the management team.”