BMS has announced its acquisition of Seoul-based insurance broker, Value-add Insurance Broker.
As part of the acquisition, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist M&A insurance solutions to the Korean market.
The specialist in M&A and financial lines insurance was established in early 2021 by Lee Yongtak, who will become CEO and managing director of BMS Korea.
Nick Cook, CEO of BMS, said: “I am delighted to welcome Yongtak and his team to BMS. 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.”
Sandra Lee, CEO of BMS Asia, said: "With Korea’s M&A landscape recording new highs in both transaction volume and values, there is a significant opportunity for specialist brokers to demonstrate their expertise and value to dealmakers in this robust and burgeoning market. We are thrilled to welcome Yongtak and his team to BMS and look forward to supporting our clients in the region."
Lee Yongtak added: “I am excited to join BMS, a dynamic and fast-growing business, and a specialist in facilitating effective financial risk management for M&A transactions. We will continue to advise on and facilitate our leading insurance solutions for both Korean domestic and cross-border transactions, ensuring we continue to provide the best solutions to our clients.”
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