Announcement

London, 11 January 2008

BMS today announced the resignation of John Spencer from his position of Group CEO of BMS Associates Ltd.

Mr Spencer commented that under his leadership, BMS had recently implemented a new divisional structure which will allow the company's three key business units (Reinsurance, Program and Specialist Insurance) to develop rapidly in the coming years.  With each division now having its own management team, he believed that they were now well placed to take the business forward and as a result he was keen to find new challenges. 

Alexander Johnston, Group Chairman thanked Mr Spencer for his major contribution to BMS over a total of 16 years.  During this time with BMS, Mr Spencer's achievements included the transfer of control and ownership of the business from the founders of the company (Bob Ballantyne, Graham McKean and David Sullivan) to the next generation of employees and the establishment of a US platform for the company's reinsurance operations. The board wished Mr Spencer every success in the future. Mr Johnston was looking forward to working with the management team at BMS in the development and continued expansion of the Group.

Notes for editors
   
BMS Group
Founded in 1980, BMS services clients from locations in London, Bermuda and North America, focusing on Reinsurance, Program and Specialist Insurance broking. In 2006 the Group's turnover was £55.0 million.

Information
For more information please contact:
Caroline Wagstaff  +44 (0)20 7407 5445