Philadelphia, PA, U.S. 13 JULY, 2020: Protecdiv, the first tier-one minority-led insurance and reinsurance broker in the U.S., has created a strategic relationship with BMS Group, the global independent specialist (re)insurance broker, to enhance its service offering to property and casualty (P&C) reinsurance clients
The partnership will enable both companies to leverage their strengths in the production, placement and servicing of ceded reinsurance and retrocession business.
BMS Group is a leading independent reinsurance intermediary with 40 years of experience in risk advisory, reinsurance placement, contracts, claims and accounting and services. The company has 20 offices around the world including London, New York, Bermuda, and Sydney. In October 2020, BMS announced a large-scale investment by British Columbia Investment Management Corporation (“BCI”) and Preservation Capital Partners (“PCP”).
Protecdiv’s strategic relationship with BMS Group will provide a joint proposition to clients in the U.S. and internationally. The focus will be on property, general liability, auto, workers compensation, cyber risk, mortgage and opportunities in emerging risks. Protecdiv and BMS Group will continue to operate independently while capitalizing on new growth opportunities to expand the strategic offering of each firm.
After identifying a gap in the market, Protecdiv was formed as the first tier-one, minority-owned reinsurance broker that optimizes business processes using advanced technology, to meet supplier diversity needs. Protecdiv provides speciality insurance, reinsurance and mortgage solutions to Fortune 2000 and public entity clients.
Pete Chandler, CEO of BMS’s US reinsurance arm, said: “Protecdiv is led by experienced reinsurance professionals who envision a unique and unprecedented venture while leveraging technology to deliver responsive solutions. It offers the insurance and reinsurance world a compelling opportunity to enhance diversity throughout the risk management procurement chain. We see great opportunities emerging from the partnership and we are delighted to support their efforts.”
“Since we launched earlier this year our plans for growth have always involved key partnerships with leading brokers in the industry,” said Kael Coleman, Founder and Chief Executive Officer of Protecdiv. “Our relationship with BMS Group is a win-win for all stakeholders. It will allow Protecdiv to enhance client services in catastrophe modeling, actuarial, contracts, accounting, and claims, with both firms committed to the highest level of client engagement.”
“With technology at the heart of our business, it is important that we partner with companies that are progressive in their technology capabilities,” added Coleman. “This is our second partnership announcement in two months and is a great opportunity to demonstrate our expertise and value in the reinsurance market.”
Protecdiv media contact:
Account Executive, Rein4ce
+44 (0)7568 572367
BMS Group media contact:
Peter Rigby/ Kuba Stawiski/ Vivian Lai
Tel: + 44 20 7562 4444
Protecdiv is a Property & Casualty insurance and reinsurance broker and Mortgage Risk Transfer advisor serving large publicly-traded and privately-held companies, as well as government and government-sponsored entities.
Technology and diversity lie at the heart of the company’s business model. Protecdiv is a technology-efficient company and the only minority-owned insurance broker that will universally qualify as a tier one broker for Fortune 2000 companies.
For more information, please visit protecdiv.com.
About BMS Group:
BMS Group is a leading independent specialist (re)insurance broker with teams of experts in the fields of reinsurance, wholesale and direct insurance. For 40 years, BMS has provided comprehensive, customized solutions in the fields of wholesale, reinsurance and direct insurance, and capital advisory. Today, this experience and expertise, served with a spirit of creativity, allows BMS to offer a full range of integrated services. Designing individual, tailored solutions makes BMS the risk and capital management advisor clients want to work with time and again.
For more information about BMS please visit www.bmsgroup.com