BMS Group Ltd. said Wednesday it will receive an investment of £ 500 million ($ 635 million) from a Canadian investment company and a US private equity firm.
The insurance broker said in a statement the investment of affiliates by Victoria, British Columbia based British Columbia Investment Management Corp. and Garden City, New York-based Preservation Capital Partners LLP, are subject to government approval and are expected to close in the third quarter.
Following the transaction, the BMS Group's holding company, London-based Minova Insurance Holdings Ltd., which is employed, will be wound up. Minova's second unit, Pioneer Underwriters, which runs Pioneer Syndicate 1
The statement said that BMS's members, led by CEO Nick Cook, will remain in their current roles. Its management and staff will remain one-third shareholders in the company.
"The long-term investment of BCI and PCP secures our future as an independent broker and maintains significant employers," Cook said in the statement. "We have grown consistently over the past five years and generate revenue of over $ 100 million for the first time in 2018."
BMS has offices in Minneapolis, New York, Philadelphia, Dallas and Chicago.
Year 2014, BMS Associates Ltd. changed to Minova after an agreement under which Capital Partners Management LLP invested $ 50.7 million in the company.