Broker BMS Group (BMS), has announced a new partnership which will see the firm increase its operations in South America.
BMS has finalised a Preferred Partner agreement with the independent Chilean reinsurance broker and existing trading partner Insurex Re.
A long-term business plan has been agreed between the two firms that will see them target facultative and treaty reinsurance placements, spanning property cat, financial lines, surety and construction.
David Battman, Head of International at BMS, said: “BMS’s international strategy is based on establishing BMS hubs in key global financial centres, which in turn work closely with the best independent partners in their regions. Our Miami-based team will enhance its access to new opportunities in the Southern Cone through this new close partnership with Insurex Re.”
As part of the agreement BMS will work with the wider Insurex group including its InsurTech and retail divisions to distribute specialty products with a particular focus on financial services, surety, mining and property, and the public services sector.
Eduardo Riquelme, CEO of Insurex Re, said, “We are very pleased to be taking our strong working relationship with BMS to a new level. Having the backing of a leading international broker such as BMS will allow Insurex Group to grow through Insurex Re across all lines of reinsurance in Chile, while BMS will benefit from our local expertise and presence.”
Jose Astorqui, CEO of BMS Latin America, added: “There are already strong synergies between BMS and Insurex Re, which we will build on. We have a dynamic, long-term strategy that positions both groups to benefit as Chile and neighbouring economies return to growth after current difficulties. Signing this Agreement in these trying times is a real statement of intent.”