BMS acquisition launches Korean business
UK independent specialist re/insurance broker BMS has acquired Seoul-based business Value-add Insurance Broker (VIB). The acquisition will see the company become BMS Korea, operating under the BMS Asia team and providing specialist mergers and acquisitions insurance solutions to the Korean market.
The deal is part of BMS’ strategy to expand its presence in the Asia Pacific region. It already has global private equity and M&A insurance operations in Singapore and Hong Kong, as well as in London and Toronto.
VIB is less than a year old, established in April 2021 by Lee Yongtak, who has over 20 years’ experience as a broker and underwriter. Before founding VIB, he was a senior director and head of financial lines for Aon’s Korean operations, where he developed and led its M&A insurance solutions practice for over ten years.
Yongtak will be the new organisation’s CEO & managing director.
Nick Cook, CEO of BMS, said: “I am delighted to welcome Yongtak and his team to BMS. Having a local presence in Seoul aligns perfectly with our international strategy of providing clients with value-added services in the world’s leading financial services hubs.”
Sandra Lee, CEO of BMS Asia, said: “With Korea’s M&A landscape recording new highs in both transaction volume and values, there is a significant opportunity for specialist brokers to demonstrate their expertise and value to dealmakers in this robust and burgeoning market. We are thrilled to welcome Yongtak and his team to BMS and look forward to supporting our clients in the region.”