BMS acquires Advocate Reinsurance
Re/insurance broker BMS Re US has acquired Texas-based Advocate Reinsurance Partners as it seeks to strengthen its commitment to the US markets.
Founded in 2010, Advocate is a privately-held reinsurance intermediary for middle-market insurance carriers, captives, risk retention groups and other specialty insurance operations.
It operates primarily in the midwest and southeast of the US, where it has established a significant presence in the Floridian and Texan markets.
Scott Brock, managing partner at Advocate Reinsurance Partners, will join the BMS Re US board.
Dane Douetil, chief executive officer (CEO) of Minova Group, said: “Advocate Reinsurance Partners is a long standing producer of business to our wholesale broking business and this acquisition is a natural extension of an already excellent working partnership.
“It is also a clear demonstration of our long term commitment to the US markets and provides significant scale and increasing relevance to our growing customer base.”
Andrew Bustillo, CEO of BMS Re US, said: “Advocate Reinsurance Partners has a proven track record of excellence in business origination and a robust brokerage pipeline.
“Combining the fantastic sales team at Advocate Reinsurance Partners with BMS’s extensive analytical and operational capacity will extend our geographic reach and further strengthen the high level of risk and advisory service we bring to our clients and carriers. I am delighted to welcome Scott and the Advocate Reinsurance Partners team to BMS.”
Scott Brock, managing partner of Advocate Reinsurance Partners, added: “We know the BMS team very well and we share similar cultures and values. We have great respect for their technical expertise, broad suite of capability and global distribution network. As a result, we know that this step will bring considerable benefit to our client base.”