UK-based reinsurance broker acquires VIB

VIB will also rebrand into BMS Korea under the BMS Asia Team.

The Seoul-based insurance broker, Value-add Insurance Broker (VIB), has been acquired by UK-based independent specialist insurance and reinsurance broker, BMS.

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 mergers and acquisitions (M&A) insurance solutions to the Korean market. 

According to BMS, The move is part of its strategy to expand its presence in the Asia Pacific region, with Korea joining its global private equity and M&A insurance operations in Singapore, Hong Kong, London, and Toronto.

VIB, a specialist in M&A and financial lines insurance, was established in early 2021 by Lee Yongtak and has grown rapidly since. Lee will become the CEO and managing director of BMS Korea. With more than 20 years’ experience as both a broker and underwriter in Korea, he is widely recognised as an industry leader who has been instrumental in the growth and development of M&A insurance in Korean transactions. He was most recently the senior director and head of financial lines at Aon’s Korean operations, where he developed and led the M&A insurance solutions practice for more than 10 years. Prior to this, he was an underwriter in several leading Korean and international insurance companies.

“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,” Lee said.