August 21, 2025

From integrating insurtech through its Innovation Lab to offering data-driven, customized analytics, BMS Group (BMS) isn’t just brokering insurance contracts – it’s reinventing how its clients manage risk. Recognized for its deep expertise in insurance, reinsurance and capital markets advisory, BMS is exceptionally well-positioned as a growing, independent global specialty insurance broker, supported by BCI Private Equity.  

Headquartered in London, BMS manages approximately £8 billion in gross written premiums annually and has built a reputation for delivering tailored solutions to its loyal, global client base. The company’s comprehensive portfolio covers wholesale and direct insurance, reinsurance, capital solutions, and advanced analytics, serving sectors from construction and energy to shipping and finance. Since its founding in 1980, BMS has grown to over 2,000 professionals across 52 offices in 16 countries, spanning the U.K., Europe, North America, Asia, and Australia. As one of the few remaining independent, large-scale Lloyd’s specialty insurance brokers, BMS is uniquely positioned as a global leader in its field. 

The Investment Opportunity 

BCI Private Equity’s investment in BMS reflects a targeted strategy of partnering with premier specialty insurance brokers that demonstrate exceptional operational scale, deep sector expertise, and the strategic capabilities necessary to capitalize on emerging opportunities within the transforming insurance marketplace. 

BCI first made a majority investment in BMS in 2019, alongside Preservation Capital Partners. After strong growth through 2023, Eurazeo entered as strategic investors to enable BMS to continue this growth trajectory into the next five years. BCI Private Equity focuses on remaining involved over the long term for most of their investments. Today, BCI and Eurazeo are the largest shareholders of BMS, and Preservation Capital Partners and BMS management also remain important investors. This collaborative ownership structure ensures strong strategic direction and governance with expertise from multiple long-term partners – all aligned in driving BMS’s success. In fact, nearly one third of BMS staff are fellow shareholders, personally invested in the future of the company. 

This investment marked BCI’s first major direct entry into the insurance distribution sector, underscoring our belief in the sector’s stability and growth potential. BCI’s Private Equity team saw a compelling opportunity to support a key business-services provider with strong, stable cash flows and a proven ability to attract top talent. BMS’s diversified geographic footprint, high client retention, and independent status in the Lloyd’s insurance market set it apart, in a sector well positioned for continued consolidation. BCI’s partnership with BMS is a testament to our confidence in the sector’s stability and the company’s long-term growth potential.

Rapid Growth: Strategic Acquisitions Fuel Expansion 

BMS has demonstrated remarkable momentum by embracing both organic initiatives and carefully selected acquisitions to fuel their expansion. The acquisition of David Roberts & Partners Group in 2024 – one of the fastest-growing independent brokers in the U.K. – stands as a transformative achievement, introducing nearly 400 new team members and 25 new locations into the BMS network. This major step, supported by BCI and BMS’s other investors, underscores BMS’s ambition to lead as a premier independent specialty insurance broker in today’s consolidating landscape. 

Since 2020, BMS has executed a string of targeted acquisitions, enhancing their expertise and service offerings around the globe. Key milestones include entering Turkey’s insurance and reinsurance market with Oria, strengthening Australia’s property insurance segment with Corporate and Commercial Insurance Brokers, and extending their reach in Spain and Latin America through Rasher. Their acquisition of GARD Insurance & ALE Underwriting bolstered their Managing General Agent capabilities (intermediaries who are delegated significant authority by insurers) in Australia, while PWS Mexico and Trean Intermediaries significantly increased their presence in Mexico and North America, respectively.  

This mix of calculated acquisitions and consistent organic growth – particularly in emerging regions – has solidified BMS’s position as a dynamic and innovative player in the specialty insurance sector. 

Supporting Other BCI Investments 

BMS has also played a pivotal role in supporting other BCI investments. When BCI’s Infrastructure & Renewable Resources (“I&RR”) team was expanding their portfolio, BMS enabled them to navigate complex investments in emerging jurisdictions such as India and the Philippines. When Cube Highways, an I&RR portfolio company, needed to navigate India’s dynamic insurance landscape, the company found a solution in BMS’s cross-border capabilities – validating BMS’s expertise in managing complex, multinational insurance needs. BMS was also selected to provide specialized insurance services to several other Private Equity portfolio companies, including BHC (one of Korea’s leading franchise restaurant operators). 

These collaborations demonstrate the depth of BCI’s approach to value creation. By fostering internal synergies – where portfolio companies are empowered to tap into BMS’s world-class services – BCI ensures that every investment gains from access to best-in-class providers. This strategy not only drives better risk management across the portfolio but also strengthens BMS’s stature as a go-to partner for innovative, tailored insurance solutions on a global scale. 

Looking Ahead 

BCI believes BMS’s robust platform, global reach, and unwavering commitment to client service will continue to deliver value for years to come. With a best-in-class management team and a solid foundation for sustainable growth, BMS is ideally positioned to capitalize on evolving client needs and industry consolidation – making it a natural fit for BCI’s private equity strategy.