U.K. Firm Buys Vision Re Intermediaries
NU Online News Service, July 22, 11:08 a.m. EDT?London-based independent reinsurance intermediary BMS Group announced yesterday that it had agreed to acquire Dallas-based Vision Reinsurance Intermediaries Inc.[@@]
No terms were announced.
The company will trade as BMS Vision Re Inc. Privately held Vision Re, which was formed in 1999, has had an affiliation since its creation with BMS' Lloyd's brokerage outlet, Ballantyne McKean & Sullivan.
In addition to its Dallas base, Vision Re has offices in Chicago and Shelton, Conn. The Shelton office was opened in January.
BMS said it has appointed Gregory T. Doyle chairman of BMS Vision Re. Mr. Doyle has more than 20 years reinsurance industry experience and held senior executive positions with Guy Carpenter & Co and the American Re-Insurance Company. Anne Marie Roberts will continue in her existing role as president and chief executive officer.
BMS Group Chairman Graham McKean said, "We have been doing business in the USA and Canada for nearly 25 years, and this is a natural step for us to take. In North America we will operate as BMS Vision Re, while in London our Lloyd's broker, Ballantyne McKean & Sullivan Limited, will continue to offer a responsive and efficient wholesale service to our intermediary clients."
Mr. Doyle said, "I am very pleased to be joining the BMS Group and to be working with Anne Marie Roberts and the rest of the BMS Vision Re team. We look forward to building on the longstanding focus on client service that BMS and Vision Re have established. This is a great opportunity to develop our business in North America."
The BMS Group, formed in 1980, reported handling premiums in excess of $1.4 billion annually for clients in North America and more than 60 other countries.
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