Is FMP Insurance To Be BroadSteet’s Next Acquisition?
Miley expects revenue to expand to over $1 billion by 2021 by implementing a aggressive expansion model. This expansion is quite rapid as the company has only been going since 2001 when it was set up by state capital. In 2012 BroadStreet was sold by Columbus based State Auto (ticker NASDAQ: STFC) to the Ontario state pension system and Century Capital Partners. Since 2012 revue has tripled, with more than 2,500 employees worldwide.
FMP Insurance Services was founded and registered in Austria but has its main an office in the UK. The company has also seen a lot of expansion, due to the increasing need and profitability of commercial insurance. Many organisations are increasingly concerned about cyber crime which is a sector that FMP Insurance Services caters for. Perhaps the key reason why BroadSheet is keen on FMP is because FMP are positioning themselves as one of the key brokers for designing capital protection schemes for commercial real estate finance models. This essentially bridges the gap of a lack of lending from financial institutions who have less appetite for giving unsecured finance. Insurance companies who have stronger balance sheets and a more business models are providing that security for the banks. FMP Insurance Services have set up large projects with Scotia Bank and Standard Chartered resulting in billions of dollars being invested into real estate projects thereby adding a lot of respite to a much needed sector.