Launch of Minova Insurance and completion of Capital Z investment
2nd June 2014
We are pleased to announce the launch of Minova Insurance Holdings Ltd. (“Minova Insurance”) and the completion of the previously announced investment by Capital Z Partners (“Capital Z”), raising $50.7m.
Minova Insurance replaces BMS Associates as the name of the group holding company.
Minova Insurance is an investor in separately managed and regulated businesses in the global insurance sector. Its portfolio currently consists of its underwriting businesses branded Pioneer Underwriters and its broking businesses branded BMS.
Founded in 1980, BMS Group is a specialist broking business that places over $1.4bn of premium into global Insurance and Reinsurance markets across a wide variety of classes including Property, Casualty and Marine. BMS offers its global client base access to these markets from its servicing offices based in London, the US, Canada, Bermuda and Australia, supported by an award winning analytics team.
Pioneer Underwriters launched in April 2011 as a London based MGA/MGU, with full delegated underwriting authority in over 120 Lloyd’s class codes. Originally operated with the backing of Liberty Syndicate, Pioneer Underwriters has expanded significantly and in 2014 has over ten underwriting teams, backed by 25 capital providers, on whose behalf it is forecasted to manage in excess of £170m of premium across Property, Marine and Casualty classes. In 2013 Pioneer Underwriters, in conjunction with Liberty Syndicate 4472, launched Incidental Syndicate Number 1980 which allows the business to participate in its own underwriting.
In 2013, Minova Insurance, previously known as BMS Associates, owned businesses with revenues of £68m and which produced EBITDA of £7.5m, with offices in five countries, 12 cities and 350 employees.
Dane Douetil, Group CEO of Minova Insurance, said: “As we launch Minova Insurance, we are delighted to welcome Capital Z as a shareholder and valuable partner to the Group. We are proud of the people and achievements of our portfolio companies which give us a strong presence in both the broking and underwriting arenas. 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.”