Can this global broker offer alternative capacity for nat cats?

“Obviously, there are some specific challenges down here linked to climate change – of that there is no doubt,” said Nick Cook (pictured above), CEO of BMS Group.

Last month, London-based Cook visited his firm’s Australia division after a year of acquisitions Down Under. In an interview with Insurance Business he strongly emphasized his aim to make global brokerage BMS an alternative source of both insurance capacity and capital for local businesses – even in the toughest of insurance coverage areas: natural catastrophes.

“Here in Australia, clearly, we’ve had some of the most monumental, catastrophic floods in generations,” he said. “For great swathes of the eastern seaboard there is an unavailability of flood cover and it’s not because of price, it’s just simply because the market is not willing to give it.”

Cook said a broker like BMS with its reinsurance capabilities and access to global capital is responsible for finding answers to these issues.

“It’s incumbent upon us to bring solutions to the market,” he said.