BMS names first CEO in two years

Broking group BMS Associates has named Carl Beardmore as CEO, finally filling a vacancy created by the departure of previous chief John Spencer in January 2008. The company has been run jointly by its board, led by chairman Hugo Crawley, since Spencer's departure.

Beardmore has been working with BMS for eight years as a consultant and non-executive director. He has experience of advising in the insurance markets as well as running businesses in other industries, the broker said.

It is understood that BMS wanted to appoint a non-broking CEO to focus on running the business and to drive its growth plans.

"This is an exciting time for the group as we create a unique business model that will see significantly increased revenues and sustained profits," Beardmore said in a statement. "This will come from organic growth, acquisitions to increase the breadth and depth of our production capabilities, the introduction of an underwriting platform and an expansion of our MGA capability."

He said that BMS is committed to establishing its underwriting capability by 2011, and is in the process of evaluating a number of different options.

“On the broking side we have set ourselves the ambitious goal of doubling the size of the business by 2015," said Beardmore. "Hugo Crawley and his team are starting to see good results from initiatives that are already in place, and our focus on restoring choice and high service levels is bearing fruit with a stream of new business."

Beardmore added that BMS is also looking to acquire teams that focus on new risk classes or cilents in different geographies. "Discussions are underway with a number of teams who are keen to be part of a growing group with a clear vision, strong values and a structure that enables them to have the freedom to run their own book of business,” he said.