BMI Companies Celebrates 40 Years of Leadership in the International Insurance Industry
October 17, 2013
MIAMI, FL - Forty years ago, BMI Companies pioneered a new concept in financial services: offering US health insurance products to clients in Latin America. Today, the Miami-based company is a world market leader, with more than 1 million customers in Latin America, the Caribbean, Europe and Asia.
"BMI is a source of safety and well-being for thousands of businesses, families and individuals in various sectors of the insurance industry," said Anthony Sierra, Jr., CEO of BMI Companies. "Since our founding in 1973, we have grown steadily by determining exactly what our clients need and providing effective and accurate solutions for their protection and financial growth."
Obtaining the #30 position in the ranking of the best 500 Hispanic Companies in the US in 2012, BMI Companies has a broad portfolio that includes life insurance, health insurance with worldwide coverage, disability insurance, disability plans and long-term care, investment products and travel assistance plans. "We are very proud of our VIP program, which sets the standard for highly personalized 24/7 assistance and support," Sierra said.
In the 1960s, Sierra's father, Antonio Sierra, Sr. was an insurance and estate planning agent in Florida who worked for a prestigious brokerage firm where he represented various American companies. "During one of his business meetings, my father was introduced to a prominent South American family with investments in the United States," Sierra said. “Part of the agreement required to purchase a life insurance policy. But since he lived in Colombia, nobody would sell him the policy. " After months of in-depth research and constant consultations with various insurers, Mr. Sierra Sr. was able to obtain the life insurance policy for the Colombian client.
"Members of that family began referring other clients to my father in gratitude," Sierra said. “He saw a clear opportunity in the market - not only in Colombia but in all of Latin America. Focusing on his vision, with energy, persistence and skill in finding the right insurance solutions for individual clients, he was able to develop a dynamic service-oriented business.
Soon after, Sierra launched BMI as a highly specialized brokerage house, focusing on offering US insurance policies to non-US residents. Since then, the company's growth has been "fast and fierce," Sierra said.
BMI became the first insurance company to offer highly competitive universal life policies to the Latin American and Caribbean market, also providing international medical policies with global coverage, Sierra said.
To offer better and consistent protection to clients, in 1986 BMI launched its own insurer, Best Meridian Insurance Co (BMI). Known for its innovative, high-quality insurance products, BMI received an A- (Excellent) rating in 2011 from the AM Best Rating Company.
"Over the years, we have been expanding our client base by establishing local companies in some of our traditional markets," Sierra said, noting that the company has local BMI companies in countries such as Ecuador, the Dominican Republic, Costa Rica and Guatemala. .
"Our expansion plans include local companies in markets such as Colombia and Peru," added Sierra. “Over 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 serve the global needs of our growing customer base. "
