Independent insurance and reinsurance broker BMS has launched BMS Captive Insurance Services in Alberta, Canada, expanding the insurance sector of the region.
The Alberta division will provide captive insurance management and strategic advisory services to captive insurance and reinsurance companies in the area. There are also plans to include governance and compliance audits, analytical and capital impact analysis, and transfer pricing validation.
The division will later launch BMS Canada’s Alternative Risk Financing (ART), following regulatory approval.
Recent legislation in Alberta — the Alberta Captives Insurance Companies Act and the Insurance Amendment Act — extends BMS’ potential to leverage global platforms.
Ian Matheson, non-executive chairman of BMS Canada, served as an advisor on these acts as a member of the Alberta Economic Development Task Force. Brian Gomes, president and CEO of BMS Canada, was an advisor to the task force.
Commenting on the company’s expansion, Matheson says: “With the amendments to the Insurance Act and the passing of the Captive Insurance Companies Act, Alberta is rapidly establishing its position as a vibrant and welcoming hub for insurance activity. It is gratifying to be able to work alongside my peers in the task force to continue to develop Alberta’s insurance expertise, as well as to attract new business into the region.”
Gomes adds: “Given market conditions, many organisations who need insurance remain underserved. Now this new legislation has entered into law, it will help address that gap, expanding the range of insurance options for businesses in the region. To ensure companies are able to fully take advantage of this, BMS will be on hand to provide clients with the specialist knowledge they require to set up, manage and optimise a captive arrangement.”
