SOURCE: BMI Companies

BMI Companies

October 24, 2013 10:20 ET

BMI Companies Celebrates 40 Years of Leadership in International Insurance Industry

MIAMI, FL--(Marketwired - Oct 24, 2013) - Forty years ago, BMI Companies pioneered a new financial services concept: offering U.S. major medical insurance products to Latin American customers. Today, the Miami-based company is a global leader in its field with more than 1 million clients in Latin America, the Caribbean, Europe and Asia.

"BMI is a source of security and well-being for thousands of corporations, families and individuals in many different sectors of the insurance industry," said Anthony Sierra, Jr., CEO, BMI Companies. "Since our founding in1973, we have grown steady by determining exactly what our clients need and provide accurate and efficient solutions for their protection and financial growth."

Ranked #30 of the "Top 500 U.S. Hispanic Companies" in 2012, BMI Companies has a broad portfolio that includes life insurance, health insurance with worldwide coverage, disability insurance, extended care plans, investment products and travel assistance plans. "We take a great deal of pride in our VIP program, which sets a standard for highly personalized 24/7 assistance and support," said Sierra.

In the 1960s, Sierra's father, Antonio Sierra, Sr. was a Florida insurance agent and estate planner who worked with a prestigious local brokerage representing various U.S. carriers. "During one of his business meetings, my father was introduced to a prominent South American family with U.S. investments," said Sierra. "Part of the deal required this individual to acquire a large life Insurance policy. "But since he lived in Colombia, no one would write the policy." After months of in-depth research and a steady stream of inquiries with various carriers, Sierra Sr. was able to get the life insurance policy for the Colombian client.

"Grateful family members soon began referring other clients to my father," said Sierra. "He saw a clear opportunity in the market - not just in Colombia but throughout Latin America. Drawing on his vision, energy, persistence and skill in finding find the right insurance solutions for individual clients, he was able to develop a very dynamic service-oriented business."

Soon afterwards, Sierra launched BMI as a highly specialized brokerage, focusing on providing U.S. insurance policies to non-US residents. From then on, the company's growth has been "fast and ferocious," said Sierra.

BMI became the first brokerage of its kind to offer highly competitive universal life policies in the Latin America and Caribbean market, as well providing true international major medical policies with worldwide coverage, said Sierra.

To provide better, consistent protection to clients, in 1986 BMI launched its own carrier, Best Meridian Insurance Co (BMI). Known for its innovative, high-quality insurance products, BMI received an A- (Excellent) rating in 2011 from A.M. Best Rating Company.

"Through the years, we have been expanding our client base by establishing local carriers in many of our traditional markets," said Sierra, noting that the company has local BMI carriers in countries such as Ecuador, the Dominican Republic, Costa Rica, and Guatemala.

"Our expansion plans include local carriers in markets such as Colombia and Peru," Sierra added. "For the last decade we have also developed the Asian market, which is now responsible for up to 10 percent of our company's new business. This global growth will put us in an ideal position to service the worldwide needs of our expanding client base."

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