Andrew Wheeler and Russ McGuire have been appointed as interim co-CEOs of BMS Re, the specialty reinsurance arm of global broker BMS Group.

The company said the appointments follow Pete Chandler stepping down as CEO and transitioning to a strategic, client-focused, role as vice-chairman of BMS Re. Mr Chandler will remain a director on the US board.

Having led BMS Re for more than four years, the company said, Mr Chandler presided over the remarkable growth of BMS’s reinsurance arm with the group now a force in the global reinsurance broking space with offices in Bermuda, the United States, London, Middle East, Latin America and Asia.

BMS Re said it now employs more than 300 professionals providing a full suite of capability including treaty, facultative, capital markets and class leading actuarial and analytical expertise.

As vice-chairman, Mr Chandler will continue to work with key clients, support BMS Re’s brokers in managing valued carrier relationships, and work alongside Nick Cook, group CEO, to help attract and develop the next generation of leaders of the company. Mr Cook will now chair the US executive committee.

The company said Mr Wheeler and Mr McGuire will be responsible for the broking teams across the US, executing continued growth strategies and ensuring a smooth leadership transition.

Both have a vast amount of experience with Mr Wheeler having served more than 20 years at BMS Re and Mr McGuire, who joined BMS Re in 2023, following 18 years at Swiss Re.

Mr Chandler said: “Now is the right time for me to step away from the day-to-day CEO role of BMS Re having achieved what we set out to do when I joined the business.

“I am extremely proud of what we have built, we have grown into a business that we are all incredibly proud of and it has been my enormous privilege to have led it and worked alongside my amazing colleagues.

“I cannot wait to go back to what I love the most, helping our clients better their businesses and working closely with our fantastic teams across the US and around the world.”

He added: “I will be focusing my time on the company’s key clients and working directly with them in assisting with their growth plans, capital requirements and supporting Nick Cook, group CEO, to put in place the next generation of leaders within this fantastic company.”

Mr Cook said: “The foundations of BMS Re’s success owe an immense amount to the total dedication of Pete who can be hugely proud of all he has achieved.

“Under his leadership, we saw BMS Re revenues and Ebitda (earnings before interest, taxes, depreciation and amortisation) triple as well as the hiring of over 175 new colleagues in the past four years.

“BMS Re is poised for its next stage of growth and investment, and I greatly look forward to 2024.”