The deal will boost BMS Re’s position as a major insurer in providing property catastrophe reinsurance. Credit:  justinedgecreative from Pixabay.

US-based BMS Re has announced the acquisition of Trean Intermediaries, an independent reinsurance broker and services firm.

The financial terms of the deal were not disclosed.

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Set up in 2013, Trean Intermediaries specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurer and MGA clients.

As per the terms of agreement Trean’s staff and infrastructure will be transferred to BMS Re.

BMS Re expects the acquisition to bolster its presence in key growth markets such as Florida, North Carolina, Los Angeles and the Greater Boston Area.

Trean president Sean Ryan will take charge as the deputy CEO of BMS Re and will report to BMS Re president and CEO Pete Chandler.

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JJ Johnson, managing partner at Trean, will assume the role of chief production officer at BMS Re. Two senior partners, Mark Rex and Jeff Sorrels, will also join Ryan and Johnson.

The acquisition will strengthen BMS Re’s position as a major insurer in providing property catastrophe reinsurance.

BMS group CEO Nick Cook said: “This acquisition underlines our strong commitment to the growth of our reinsurance business as well as the scale and diversity of our offering.

“Our two businesses have a strong cultural alignment, with the team at Trean placing the same value in independence, entrepreneurial spirit and client-focused operational practices that we do here at BMS.”

The insurer noted that Trean recorded a compound annual revenue growth rate of 49% over the period 2018-2021.

Chandler said: “We have known the team for many years and it will certainly be refreshing to join forces with Sean Ryan, JJ Johnson, Mark Rex, Jeff Sorrels and the entire Trean team. With this move, we are further strengthening our grip as a top-tier reinsurance broking business able to compete at the highest levels.”

Ryan added: “We are excited to join the fast-growing BMS Re and expand the number of analytical services we can provide our client base. We have a great group of clients and colleagues that have always enjoyed our entrepreneurial approach and we look to bring that spirit to BMS Re.”

BMS Re is the specialist reinsurance arm of insurance and reinsurance broker BMS.