Insurance and reinsurance broking group BMS has successfully expanded its US property catastrophe reinsurance broking footprint, as its BMS Re division has now completed its acquisition of Trean Intermediaries.
Part of the motivation for the acquisition was to add to BMS’ property catastrophe reinsurance broking capabilities in the United States.
“The acquisition will cement BMS Re’s position as a major force in placing property catastrophe reinsurance, as well as strengthening BMS Re’s geographic presence in key growth areas such as Florida, North Carolina, Los Angeles and the Greater Boston Area,” the company had previously explained.
Now, with the acquisition completed, BMS Re has added new offices in Tampa, Florida and in Greensboro, North Carolina to its roster.
Adding to BMS Re’s existing US footprint, which includes offices in Atlanta, Chicago, Dallas, Minneapolis, New York, Philadelphia, and San Francisco.
BMS said today that its US reinsurance broking business has increased its revenue by 55% over the last two years and also increased its client count by 36%.
This success has seen the reinsurance broker grow to over 185 employees, as in just 24 months BMS Re expanded its broking team by 50% and its analytics unit by 77%.
Trean Intermediaries has a broader footprint than property catastrophe reinsurance alone, although that is an important area of growth for BMS. It also specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurer and MGA clients.
BMS Re has acquired Trean Intermediaries in full, with all staff and infrastructure transferring over to it.
Sean Ryan, President of Trean, will now take on the newly created role of Deputy CEO, BMS Re and report to CEO Pete Chandler.