BMS Re, the specialty reinsurance division of global broker BMS Group, has announced a significant leadership shake-up.
Pete Chandler, who served as CEO for over four years, is stepping down to assume the role of Vice-Chair, according to InsurTech Insights.
In his new position, Chandler will focus on strategic client engagements, strengthening relationships with valued carriers, and collaborating with Nick Cook, Group CEO, to foster future leaders within the organisation. Cook will take over as the Chair of the US executive committee.
As part of the reshuffle, Andrew Wheeler and Russ McGuire have been appointed as interim co-Chief Executive Officers of BMS Re.
Wheeler, with over two decades of experience at BMS Re, and McGuire, bringing 18 years of experience from Swiss Re, will oversee the broking teams across the US, driving growth initiatives and ensuring a seamless leadership transition.
With a workforce exceeding 300 professionals, BMS Re offers a comprehensive range of services, including treaty, facultative, capital markets, and cutting-edge actuarial and analytical expertise.
Speaking on his appointment, Chandler said: “Now is the right time for me to step away from the day-to-day CEO role of BMS Re having achieved what we set out to do when I joined the business. I am extremely proud of what we have built, we have grown into a business that we are all incredibly proud of and it has been my enormous privilege to have led it and worked alongside my amazing colleagues. I cannot wait to go back to what I love the most, helping our clients better their businesses and working closely with our fantastic teams across the US and around the world.
“I will be focusing my time on the company’s key clients and working directly with them in assisting with their growth plans, capital requirements and supporting Nick Cook, Group CEO, to put in place the next generation of leaders within this fantastic company.”
Nick Cook said, “The foundations of BMS Re’s success owe an immense amount to the total dedication of Pete who can be hugely proud of all he has achieved. Under his leadership, we saw BMS Re revenues and EBITDA triple as well as the hiring of over 175 new colleagues in the past 4 years. BMS Re is poised for its next stage of growth and investment, and I greatly look forward to 2024.”
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