Broking Lloyd’s business across two continents
BMG has become one of the quiet success stories of the Lloyd’s insurance market. From small beginnings in the City of London in 2007, with Lloyd’s accreditation secured in October 2009, BMG now writes business at a run rate of $50 million per annum, a significant proportion of which is placed at Lloyd’s itself.
Consistent year on year growth of a minimum of 25% has been driven by a tight focus on three core areas – Equine, Pet and Special Risks – where it has become a market leader. These niche markets have proved to be recession proof, especially Pet where there has been tremendous growth which seems set to continue.
In addition BMG has a unique attribute of being licensed in both the UK and the USA, where it operates from a head office in Dallas. This allows BMG to work in a sophisticated, diversified and flexible way. BMG has carefully positioned its operation such that it owns the distribution chain for its products, and distributes some Lloyd’s products directly into the US working closely with Lloyd’s in Illinois. As of January 2010 approximately a third of BMG’s business was being written by the US team.
BMG is still independently owned and controlled, and the directors will continue to expand the business both organically and by seeking partnerships that take BMG into further niche market areas. London and the US will continue to be growth areas, with BMG also planning to develop a presence in the Far East, Australia and New Zealand