By Chris Munro

May 22 - (The Insurer) - BMS Re ProLink Solutions has embarked on a growth drive with the MGA and programs-focused unit working to bolster its ranks and expand its footprint with a new branch office in California.

The reinsurance broker launched ProLink in mid-2023, with the platform designed to offer program managers and MGAs an array of innovative tools, strategies and insights to support their development and growth.

ProLink is currently led by head of programs John Speckman, who oversees the unit alongside BMS Re managing director Shruti Sem.

The unit has been affected by the exits of several senior figures as well as a number of junior members of the team amid more widespread departures from BMS Re’s U.S. operations over the last couple of years.

The departures included former ProLink co-CEO Des Bohan, who left the company to join Guy Carpenter’s programs and MGAs-focused unit GC Access last year.

Inevitably that has led to the loss of some business. But Speckman said that in the time since its launch, ProLink has firmly established a foothold in the market and now works with over 100 programs and more than 20 of the largest program managers and aggregators.

RANKS SWELLED

Its ranks were recently swelled by an internal restructure that brought all of BMS’ U.S.-focused MGA and programs business under the ProLink banner. As a result, the unit is now home to almost 50 staff spread across the company’s Atlanta, Dallas, Chicago, Philadelphia and New York branches.

As Speckman explained, the restructure was undertaken in part to remove any potential confusion among the broker’s client base over why some programs business was managed by other parts of the company.

“Essentially, all of the programs business in our branches now funnels up,” Speckman told Program Manager.

By bringing all of its MGAs and programs business together, Speckman said there is now one clear point of contact and client engagement with BMS.

INTERNAL SUPPORT

The ProLink team is supported by other teams within the BMS Group, including its London-based binders operation, which helps manage relationships such as those with Lloyd’s syndicates, he explained.

Talking to this publication, Speckman said ProLink is “100% looking to add people” to its team.

This will support ProLink’s continued growth, Speckman said, with the platform looking to build on its existing presence in the MGA and programs sector.

Speckman said there are several areas where the unit is looking to grow.

“We want to build out more branches in the U.S.,” he said.

“We’re looking to build out a West Coast office. We haven’t decided where … but there’s plenty of business in the San Francisco area, and there’s also plenty in Los Angeles and in San Diego,” Speckman noted.

MORE THAN ENOUGH BUSINESS

BMS Re’s bid to strengthen its play in the MGA and programs market comes at a time when competition in the segment is intensifying.

Attracted by the rapid growth of the MGA and programs market in recent years, reinsurance brokers have sought to tap into the sector by hiring individuals with in-depth knowledge and relationships in the space, and by forming practices dedicated to serving the segment.

While Speckman acknowledged that competition is growing, he said “there’s still more than enough business to go around”.

But to remain one of the major players in the market, Speckman said “you have to stay ahead of the curve”.

“And at the end of the day, who has the best relationships in the market is always going to rule the day,” he said.

Alongside having those strong relationships, Speckman said providing an array of services to clients is also important, with the executive highlighting ProLink’s ability to build models and offer analytical tools as a case in point.

“You have to support clients when they’re starting out, and you have to support them when they’re growing,” he said.

Speckman said ProLink’s ability to call on other elements of the BMS platform, for example the company’s capital solutions and advisory team, means it can support MGAs and program administrators well beyond just sourcing capacity.

“If and when the need arises for (MGAs and program administrators) to raise more capital, or they’re looking to buy other MGAs, we can be there to help them,” said Speckman.

“We have a pulse on the market that means we can bring them smaller MGAs that they maybe want to purchase to build out their offering, or if they want to sell their company, whether it’s to private equity, a carrier or whoever it may be, we can support that too.”

ADDITIONAL CAPABILITIES

Being able to offer the capital solutions and advisory capabilities “100% gives us a competitive advantage” over some other reinsurance brokers in the market, Speckman said.

BMS Re’s hire of Josh Curry from SiriusPoint in 2023 to support MGAs and program administrators on their M&A and capital strategies was a real turning point, Speckman said.

“We’re seeing that one hand just feeds the other,” said Speckman.

“If Josh gets an engagement from an MGA or a hybrid carrier to raise capital or help them bring on a team from somewhere, oftentimes the broker team will receive an engagement on the heels of that.

“Vice versa, when we're working with an MGA over the course of time, they may start dipping their toe in the water and think about M&A or what they’re worth, and Josh can support that – it’s all in-house.”