Minova Insurance (formerly known as BMS Associates), a holding company that invests in the insurance sector, received $50.7m in funding from Capital Z Partners.
Led by Dane Douetil, CEO, Minova Insurance is an investor in separately managed and regulated businesses in the global insurance sector. Its portfolio currently consists of its underwriting businesses branded Pioneer Underwriters and its broking businesses branded BMS.
Founded in 1980, the firm specializes in broking business that places over $1.4bn of premium into global Insurance and Reinsurance markets across a wide variety of classes including Property, Casualty and Marine.
It has offices in London, the US, Canada, Bermuda and Australia.
Pioneer Underwriters launched in April 2011 as a London based MGA/MGU, with full delegated underwriting authority in over 120 Lloyd’s class codes. Originally operated with the backing of Liberty Syndicate, Pioneer Underwriters currently has over ten underwriting teams, backed by 25 capital providers. In 2013, the firm, in conjunction with Liberty Syndicate 4472, launched Incidental Syndicate Number 1980 which allows the business to participate in its own underwriting.
In 2013, Minova Insurance owned businesses with revenues of £68m and which produced EBITDA of £7.5m, with offices in 5 countries, 12 cities and 350 employees.