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Asset Management / Wealth Management
BMS acquires Korean insurance broker VIB
Deal part of UK firm's strategy to expand presence in Asia-Pacific
The Asset 21 Oct 2021

BMS, a UK-based independent specialist insurance and reinsurance broker, has acquired Seoul-based insurance broker Value-add Insurance Broker (VIB). As part of the deal, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist mergers & acquisitions (M&A) insurance solutions to the Korean market.

The move is part of BMS’ strategy to expand its presence in the Asia-Pacific region, with Korea joining its global private equity and M&A insurance operations in Singapore, Hong Kong, London and Toronto.

A specialist in M&A and financial lines insurance, VIB was established in early 2021 by Lee Yongtak and has grown rapidly since. Lee will become the chief executive officer and managing director of BMS Korea.

With more than 20 years’ experience both as a broker and an underwriter in Korea, Lee is widely recognized as an industry leader who has been instrumental in the growth and development of M&A insurance in the country. He was most recently the senior director and head of financial lines at Aon’s Korean operations, where he developed and led the M&A insurance solutions practice for more than 10 years. Prior to this, he was an underwriter in several leading Korean and international insurance companies.

“Having a local presence in Seoul aligns perfectly with our international strategy of providing clients with value-added services in the world’s leading financial services hubs,” BMS CEO Nick Cook says.

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