Minova Insurance’s underwriting business Pioneer Underwriters will not see its independence impacted by the sale of its sister firm BMS Group.
Shortly after it was revealed that the significant equity investment by affiliates of British Columbia Investment Management Corporation and Preservation Capital Partners in BMS had been completed, Pioneer confirmed that it remains independent and owned directly by previous shareholders.
Pioneer, which manages approximately £300 million of premium through 16 underwriting teams across a broad range of specialty insurance and reinsurance classes, will also retain its existing executive management team as well as non-executive chair Dane Douetil.
Group chief executive Andrew McMellin, meanwhile, will oversee implementation of Pioneer’s profitable growth strategy as it trades forward. The London-headquartered firm added that it enjoys a strong and healthy balance sheet.
Specialist (re)insurance broker BMS, the management and staff of which maintain a significant shareholding in the company, was the broking arm of Minova Insurance.