BMS enters South Korean market with VIB acquisition

Acquired firm's founder and CEO will remain to lead the operation

BMS enters South Korean market with VIB acquisition

Insurance News

By Gabriel Olano

International specialist brokerage BMS has entered the South Korean market with the acquisition of Seoul-based Value-add Insurance Broker (VIB).

Following the acquisition, VIB will become a newly licensed entity called BMS Korea, operating under the wider BMS Asia team and providing M&A insurance to the Korean market. BMS said the move is part of its strategy to expand its presence in the Asia-Pacific region, with Korea joining its global private equity M&A insurance operations in Singapore, Hong Kong, London and Toronto.

VIB, which specialises in M&A and financial lines insurance, was established in 2021 by Lee Yongtak (pictured above), who will remain as CEO and managing director of BMS Korea. He has more than 20 years’ experience as both a broker and underwriter in Korea, and was instrumental in the growth and development of M&A insurance in Korean transactions. Before establishing VIB, he was senior director and head of financial lines at Aon’s Korean operations, where he led the M&A insurance solutions practice for more than 10 years. Prior to this, he was an underwriter in several Korean and international insurance companies.

"With Korea’s M&A landscape recording new highs in both transaction volume and values, there is a significant opportunity for specialist brokers to demonstrate their expertise and value to dealmakers in this robust and burgeoning market,” said Sandra Lee, CEO of BMS Asia. “We are thrilled to welcome Yongtak and his team to BMS and look forward to supporting our clients in the region."

“I am excited to join BMS, a dynamic and fast-growing business, and a specialist in facilitating effective financial risk management for M&A transactions,” Lee said. “We will continue to advise on and facilitate our leading insurance solutions for both Korean domestic and cross-border transactions, ensuring we continue to provide the best solutions to our clients.”

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