BMS Re, the independent specialist reinsurance broker, has acquired another US-based independent reinsurance broker as it looks to expand its coverage in the US.
BMS Re acquired Trean Intermediaries, a brokerage that was founded in 2013 and 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 in full, with staff and infrastructure transferring to BMS Re. Sean Ryan, Trean’s president, takes the newly created role of deputy chief executive officer (CEO) of BMS Re. Ryan held a number of key underwriting roles prior to joining Trean Corp in 2009, having started his broking career at Carvill America where he was a senior vice president in the Connecticut and New York offices. He now reports to Pete Chandler, president and CEO of BMS Re.
JJ Johnson, managing partner at Trean, assumes the role of chief production officer at BMS Re. Johnson began his career on the underwriting side of the business at Chartwell Re in 1995 and in 1999 was part of the founding team of Axiom Intermediaries, which evolved into the fifth largest reinsurance intermediary in the US. In 2005, Axiom was sold to Brown & Brown and Johnson remained as president until 2010.
Ryan and Johnson are joined by two senior partners, Mark Rex and Jeff Sorrels. Rex joined Trean in 2019, bringing 34 years of experience in the property and casualty (P&C) reinsurance markets. He has worked for Willis, Aon and Guy Carpenter, where he led workers’ compensation programme practices.
Sorrels has P&C broking expertise and years of technical experience, having served as a catastrophe modeller at Trean for regional and national business. Combined, the four have more than 107 years’ experience in the reinsurance industry, with 90 of those in P&C reinsurance.
BMS Re said the acquisition will establish the business as a major force in placing property catastrophe reinsurance, and strengthen its geographic presence in key growth areas such as Florida, North Carolina, Los Angeles and Greater Boston.
Trean has delivered a compound annual revenue growth rate of 49 percent over the period 2018-2021.
Nick Cook, group CEO of BMS, said: “The backing of our long-term investors allows us to leverage substantial financial firepower to implement a strategically aligned M&A strategy that sits alongside our proven organic growth model.”
Chandler said: “With this move, we are further strengthening our grip as a top-tier reinsurance broking business able to compete at the highest levels.”
BME Re, Trean Intermediaries, Sean Ryan, JJ Johnson, Mark Rex, Jeff Sorrels, Nick Cook, Pete Chandler