BMS shuffles US reinsurance leadership

Brokerage BMS Group Ltd. on Monday announced management changes at its U.S. reinsurance unit that will see the unit’s president take on the CEO role and the previous CEO move over to chief financial officer.

Pete Chandler, who joined BMS Re US in May, will report to London-based BMS Group CEO Nick Cook as president and CEO of the unit. Mr. Chandler is based in San Francisco.

Steve Korducki, the former CEO of BMS Re US, whom Mr. Chandler succeeded as president when he joined, will take on the role of chief financial officer of the unit in Minneapolis, according to a BMS statement.

In addition, New York-based Andrew Bustillo, executive managing director of origination for BMS Re US, who had also previously been a CEO of the unit, will take on the additional role of vice chairman of the unit, the statement said.

The moves follow the October completion of a cash infusion into the insurance and reinsurance brokerage by private equity investors.