Turkey: BMS to expand its ops with local counterpart

The independent re/insurance broker BMS Group Limited (BMS) said it has entered into a tied representative agreement with Turkish specialist re/insurance broker RONESANS Reasurans ve Sigorta Brokerlik A.S. (RONESANS).

As part of the agreement, RONESANS and BMS will develop a joint marketing plan for Turkey and offer jointly-branded products to clients in Turkey.

As a result of the agreement, RONESANS will facilitate BMS's access to Turkey and neighbouring countries, while BMS will provide mutual clients with know-how and expertise developed during their 30 years as a wholesale reinsurance and insurance broker.

BMS will also offer RONESANS clients access to Lloyd's and the London market.

The agreement will form a model for similar arrangements between BMS Group and select brokers in target geographies.

"Over the past two years, RONESANS and BMS have worked closely together. We realised there was an exciting opportunity to cement our ties to the benefit of BMS, RONESANS and our insureds. Our clients deserve the very best in service and the most comprehensive product offering available. Through this partnership with BMS, we can improve our service and provide just that", said Selva EREN, majority partner and managing director of RONESANS.

"As part of our longstanding international strategy, BMS has been looking to expand into key financial centres in a range of markets across the globe, either directly or through close partnerships and joint ventures. From these hubs, we can better access business in neighbouring countries. We identified Turkey as a target for our ongoing expansion and have been working with RONESANS to provide our signature independent, high-quality service. This agreement further strengthens our relationship with RONESANS and directly provides clients with the excellent service quality and knowledge offered by both our teams, particularly in the energy and construction sectors", said David BATTMAN, head of international at BMS Group.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

A Turkish operational leasing firm acquired MAGDEBURGER Sigorta

Turkish operational leasing company BORLEASE Otomotiv acquired MAGDEBURGER Sigorta, a non-life small insurer owned by two local units of German group ALLIANZ: the non-life unit ALLIANZ Sigorta (80%) and the life and pension company ALLIANZ Yasam ve Emeklilik (20%).

2018-06-07

HOWDEN to acquire majority stake in Turkish broker ACP

HOWDEN, part of HYPERION Insurance Group, announced that it has entered into an agreement to acquire a majority stake in Turkey largest independent re/insurance broker ACP from private equity fund MEDITERRA CAPITAL and existing management shareholders.

2018-04-12

Turkey to establish a nuclear insurance pool, under TCIP's management

TCIP - the Turkish Natural Catastrophe Insurance Pool will sett up a nuclear insurance pool to offer EUR 700 million of protection for each of the country's first nuclear power plants, soon to be built in Akkuyu and Sinop, according to Berat ALBAYRAK, minister of Energy and Natural Resources, reports Hurriyet.

2017-12-07

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

Willis Re - Market still soft, but functional

Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.

10.09.2018

AIR launches severe thunderstorm model

Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.

10.09.2018

See all