Insurance and reinsurance broking group BMS has made Pete Chandler its Chief Executive Officer of US Reinsurance, as former CEO Steve Korducki steps across into the Chief Financial Officer role.
BMS has been realigning its key US reinsurance broking operations in recent months following the completion of investments from affiliates of Canadian pension fund British Columbia Investment Management Corporation (BCI) and private equity investors Preservation Capital Partners (PCP) that valued the brokerage at UK £500 million (US $636m).
BMS is undergoing significant expansion in the US market and as a result aligning its leadership team to support this growth and maximise on the opportunities it presents in terms of brokerage is key.
Pete Chandler, who joined BMS from JLT Re in May and became its President for US Reinsurance, is now also taking on the CEO role as well.
As President & CEO of BMS Re US, effective, December 9th, Chandler will report to BMS Group CEO Nick Cook and will oversee the entire operations of BMS Re US, with a focus on its strategic development. Chandler is based in San Francisco.
Steve Korducki, who is the current CEO of BMS Re US and previously worked in its insurance-linked securities (ILS) and capital markets arm, will now shift across into the role of CFO, based in Minneapolis. The company said that Korducki’s experience has been invaluable over the past year and he is expected to play a key role in managing the growing BMS reinsurance platform.
Meanwhile, Andrew Bustillo, who holds the role of executive managing director of origination for BMS Re US currently, is adding the position of vice chairman to his remit. Bustillo also previously held the CEO position of BMS Re US, reflecting the strong front-bench team the broker has in place now. Bustillo will be tasked with continuing to drive production efforts and will be located in New York.
Nick Cook, CEO of BMS Group, commented on the news, “BMS Re US is primed for growth. With the backing of BCI and PCP, we are ready to fulfil our role as the independent reinsurance alternative to the big three. We have already made a number of significant appointments in the US and London, with many more hires of the industry’s top-tier talent planned.”
Chandler added, “BMS Re US has the best talent in the business, financial backing that is the envy of the industry and a client-centric, independent ethos that has consistently demonstrated it adds value to our clients, as they define it. With Steve and the executive team, I am very excited to take on the reins as we build out this business and create the best and largest independent reinsurance broker in the US.”