Two interim co-CEOs have been appointed by the reinsurance broker, while Pete Chandler becomes vice-chair.
BMS Re has announced that Andrew Wheeler and Russ McGuire have been appointed as interim co-CEOs of BMS Re.
Wheeler served more than 20 years at BMS Re; McGuire joined BMS Re in 2023, following 18 years at Swiss Re.
Wheeler and McGuire will be responsible for the broking teams across the US, “executing continued growth strategies and ensuring a smooth leadership transition”.
The appointments follow Pete Chandler stepping down as CEO of the specialty reinsurance arm of BMS Group.
Chandler (pictured) will remain a director on the US board, BMS said, and transition to a “strategic, client-focused role” as vice-chair of BMS Re.
Chandler presided over the growth of BMS’s reinsurance arm in the past four years, with offices across the US, London, Bermuda, Middle East, Latin America, and Asia.
BMS Re now employs over 300 professionals providing a full suite of capability including treaty, facultative, capital markets and class leading actuarial and analytical expertise, the firm said.
As vice-chair, Chandler will work alongside Nick Cook, Group CEO, to help attract and develop the next generation of leaders of the company. Cook will now chair the US executive committee.
“Now is the right time for me to step away from the day-to-day CEO role of BMS Re having achieved what we set out to do when I joined the business,” Chandler said.
“I am extremely proud of what we have built, we have grown into a business that we are all incredibly proud of and it has been my enormous privilege to have led it and worked alongside my amazing colleagues. I cannot wait to go back to what I love the most, helping our clients better their businesses and working closely with our fantastic teams across the US and around the world.
“I will be focusing my time on the company’s key clients and working directly with them in assisting with their growth plans, capital requirements and supporting Nick Cook, group CEO, to put in place the next generation of leaders within this fantastic company.”
Cook added: “The foundations of BMS Re’s success owe an immense amount to the total dedication of Pete who can be hugely proud of all he has achieved. Under his leadership, we saw BMS Re revenues and EBITDA triple as well as the hiring of over 175 new colleagues in the past 4 years. BMS Re is poised for its next stage of growth and investment, and I greatly look forward to 2024