The specialist broker has also appointed a new managing director for the division - the latest hire in the firm’s bid for expansion
The division will begin operating in the new year.
Meanwhile, the broker has additionally appointed a new managing director to take control of the new business area – Tan Pawar. Reporting to BMS Global Risks’s managing director Ian Gormley, Pawar will join BMS upon completion of contractual obligations.
This appointment is the latest in a series of senior hires as BMS continues its expansion drive following the completion of a substantial investment by British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP).
It has grown its brokerage by more than 23% to climb two places to number 17 in Insurance Times’s Top 50 Brokers 2019, closing in on the £100m barrier in the process.
Gormley said: “BMS is growing at pace: we have the capital backing, global platform and broking talent to be the world’s leading independent insurance and reinsurance broker. We have identified a significant gap in the market to provide tailored products for corporate M&A transactions and will be expanding significantly in this space.”
Pawar, a qualified corporate and M&A solicitor, will be tasked with developing BMS’s presence in the M&A insurance sector.
He added: “I am delighted to be joining BMS, a leading independent global broker backed by long term capital, at this exciting time in the company’s development.
“There is significant need in the M&A insurance space for more bespoke and innovative solutions and BMS has the scale and firepower to deliver this to the M&A and private equity community.”
Most recently, Pawar served as senior vice president at Paragon International Insurance Brokers, where he co-formed the M&A insurance division in 2014. Prior to that, he was divisional director, international M&A and transaction services at Willis since 2011.
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