Group’s broking businesses will retain the BMS name

BMS Associates has been renamed Minova Insurance following the completion of the previously announced $50.7m (£30.3m) investment from private equity house Capital Z Partners.

BMS Associates is the holding company for the BMS group, which comprises both broking and underwriting businesses.

Following the holding company’s name change to Minova, the broking businesses will retain the BMS brand and the underwriting businesses will continue under the name Pioneer Underwriters.

Minova group chief executive Dane Douetil said: “With significant new capital, we have the flexibility and the resources to continue to expand, potentially through the acquisition of further teams and individuals, but also with the potential for corporate acquisitions.

“Minova Insurance has an extremely talented management team, well versed in building businesses and I look forward to working with them as we continue to grow our investments.”