Minova Insurance announces 2016 results and completion of a refinancing

1st June 2017

£102.8mn revenue milestone achieved alongside strong EBITDA growth to £17.4mn and successful refinancing

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Minova Insurance Holdings Ltd. (“Minova Insurance”), the insurance holding company, today announces record 2016 results, with revenues exceeding £100mn for the first time. Further financial indicators demonstrate the Group’s financial strength, with EBITDA growth of 26% to £17.4mn and growth in operating profit from £1.3mn to £16.1mn.

Minova Insurance has also successfully completed a refinancing with partners Pricoa, which will be used to redeem a significant proportion of the Capital Z preference shares during 2017. This will reduce Minova Insurance’s future financing costs by 23% and provide a solid financial basis for the business without increasing financial leverage.

Dane Douetil, Group CEO of Minova Insurance, said: “The companies that are part of Minova Insurance have gone from strength to strength in 2016, with exceptional results across the board. I am delighted with the milestone we have achieved in exceeding £100mn in revenue and strong EBITDA and operating profit growth. This was driven by our absolute focus on putting our clients at the centre of what we do, as well as our on-going investment in top industry talent across the Group.

The refinancing with Pricoa will further strengthen our financial position, which will provide the Group with a competitive advantage to capitalise on existing opportunities. With our clear vision and strategy as well as client-centric focus, underpinned by the necessary financial resources and first class employees, I have full confidence that we will continue to outperform the market.”

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.

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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.”

Minova announces $50.7 million investment agreement with Capital Z

21st May 2014

Minova Insurance Holdings Limited (“Minova” or “the Group”) is pleased to announce an agreement with Capital Z Partners Management, LLC (“Capital Z”).

The management of Minova Insurance Holdings, previously BMS Associates, has recently undertaken a review to determine the Group’s strategic approach to both broking and underwriting opportunities across the market. Part of this review has been to investigate potential third party investment to further the Group’s ambitions for future growth.

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Under the agreement announced today, which is subject to shareholder approval, Capital Z will invest $50.7m into the Group’s holding company through the acquisition of preference shares and warrants over a minority interest in the Group’s ordinary share capital. The investment will provide the Group with significant capital to support the expansion of the BMS broking business and the underwriting activity of Pioneer.

Upon completion of the transaction, Robert Spass, Managing Partner and co-founder of Capital Z, will join the Group’s board.

Christopher Hopton, Group Chairman, said: “This investment is a highly significant event for the Group. I am particularly pleased to welcome Bob Spass to our board. His experience in our industry is extraordinary and his participation, together with the involvement of Capital Z, places the Group in an exceptionally strong position to accelerate our growth and command further market share.”

Robert Spass said: “I have been impressed with the strength and depth of the management team at Minova, their vision for the future and their opportunities to generate significant growth. Capital Z is pleased to have reached this agreement which makes us strategically and economically part of the Group’s future success and I look forward to working with the team.”

Dane Douetil, Group Chief Executive Officer of Minova said: “Over the last three years we have invested in 18 new teams across the Group and our continued successful growth is underpinned by Capital Z’s investment, which I consider to be pivotal in our development. We have been absolutely determined to maintain the owner/manager ethos of the Group while finding a partner who can bring in depth knowledge of the industry which will be helpful in our growth. In Capital Z we have found that partner.”

The Group was advised by Canaccord Genuity as financial adviser.

About us

Minova Insurance is an ambitious and flexible insurance holding company that is positioned to expand its interests in the global Insurance market.

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Our existing insurance businesses, BMS Group and Pioneer Underwriters, will form the core of an expanding portfolio of insurance brands.

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Announcing the launch of Minova Insurance and completion of the Capital Z investment

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Contact details

Minova Insurance
One America Square
London EC3N 2LS
T: +44 (0)20 7480 4390 
F: +44 (0)20 7488 9837