BMS ACQUIRED BY PRIVATE EQUITY AND PENSION FUNDS

Pension fund British Columbia Investment Management Corporation (BCI) and private equity fund Preservation Capital Partners have acquired an undisclosed stake in London-based broking group BMS. The deal valued the firm at £500m ($634.9m). BMS, which saw revenues top £100m for the first time in 2018, will retain its existing management team, with Nick Cook continuing as chief executive. BMS was previously owned by Minova Insurance, a holding company which also owns MGA Pioneer Underwriters, operator of Lloyd’s syndicate 1980. Pioneer will remain separate to BMS and will retain its current shareholders.