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A global specialist insurance and reinsurance broker, which has operations in Australia, has achieved one of its financial landmarks for 2018, having exceeded £100 million (around AU$186.4 million) in annual revenues for the first time.
BMS’s overall revenue grew by 25%, with its London wholesale business posting particularly impressive results, growing revenue by 32%. Other key drivers include the company’s reinsurance division which reported 18% revenue growth and its US reinsurance operation which saw an 18% revenue increase.
Meanwhile, BMS’s headcount grew to more than 390 employees, with hires in Australia, Bermuda, and London joining the London wholesale business. The UK-headquartered broker also continued to invest in technology and its Innovation Lab – initiatives that have helped BMS improve efficiency and increase revenue.
“This remarkable result belongs to BMS staff, who have driven our group success over the past years,” said Nick Cook, CEO of BMS. “BMS’s independent, client-centric, and employee-owned business model has proven its worth time and time again, attracting and retaining the market’s finest talent.
“We are also investing in our US platform where we see significant opportunity to add value to existing and new clients in the US reinsurance and MGA space. Our independence matters, as US insurers’ options diminish with continued M&A in the reinsurance broking sector. Our management team has consistently pursued an organic growth plan focused on delivering what BMS is renowned for: client-centric, flexible, independent broking, and advice that delivers for our customers.”
