this 2023 BMI turns 50 and it does so through the front door, positioned as one of the strongest Hispanic American companies in Latin America, the Caribbean, Asia and Europe, with the support of thousands of its policyholders who during five decades have trusted a company that prioritizes safety of your customers and their families. This long road and recognition has not been easy and it has behind it a great history of perseverance, innovation and commitment from our founder Mr. Antonio "Tony" Sierra and each one of our collaborators.
BMI's inception dates back to the 1960s when Mr. Sierra was a Florida estate planning and insurance agent. The interest and commitment towards the world of insurance began thanks to the recognition of the importance of having a life policy that Mr. Sierra inherited from his father, who upon his death left a life policy that for many years supported his family and He left Mr. "Tony" with a culture of responsibility that motivated him to grow professionally because he knew first-hand what it meant to be insured.
The knowledge of the world of insurance, the culture inherited from his father and Mr. Sierra's extraordinary sales skills made him one of the agents with the greatest knowledge of the insurance sector in Latin America, to the point of selling both in the Latin American market that insurers in the United States began to deny them cases due to their lack of knowledge of this emerging market.
However, that stone in the way was not an obstacle, on the contrary, it was what motivated him to found BMI because he had the knowledge and experience of a good agent and first-hand experience as a customer about the importance of a family having a life policy. This valuable learning allowed him to be an emotional support, but also managed to support his family.
Anthony Sierra, current President and CEO of BMI, tells us that during a business meeting session, his father was introduced to a Colombian family with investments in the United States. “Part of the agreement with that family required acquiring a life insurance policy, but the client lived in Colombia and it would be difficult for someone to sell him the policy. After months of in-depth research and constant consultation with various insurers, my father was able to obtain the life insurance policy for that client," he commented. anthony sierra.
That perseverance and perseverance earned him the gratitude of the family, who began to refer other clients to him, and it was at that moment that Mr. Sierra saw a clear opportunity in the insurance market, not only in Colombia, but throughout Latin America. “Soon after, my father launched BMI as a highly specialized brokerage house, focusing on offering US insurance policies to non-US residents, he said.
The first step was to create his own agency in Miami that in 1973 was established as Business Men's Insurance Corp. Over the years the agency grew and generated strategic alliances that paved the way for the consolidation of BMI Financial Group Inc. However, the plans were to continue expanding the services to the insured, agents and partners of the company, for this reason, he launched his own insurer Best Meridian Insurance Co. known today as BMI.
BMI becomes positioned and has a greater global reach when it manages to launch Best Meridian International Insurance Company SPC as an insurance company, whose purpose was to diversify the portfolio of products and services. After this important step, consolidation is given with the idea of unifying all the companies in an integrated organization under the same name.
BMI's continuous expansion strategy made it possible for the first corporate subsidiary to open in Latin America at the end of the 1990s. This time it was Ecuador's turn, followed by the Dominican Republic, Costa Rica, Guatemala and Colombia. Currently, there are also service offices in Taiwan and Venezuela, but there are plans to expand operations and continue to grow.
Knowledge of the international insurance market and a broad portfolio of products and services in life insurance, health insurance and travel assistance have been a successful formula for BMI to position itself in the industry as a financially solid corporation with very positive values. rooted
Additionally, the prestige and loyalty of its policyholders is due in part to the solidity of more than US $ 25,521 million of insurance in force and the support of US $2 billion in benefits paid to its policyholders around the world, as well as a solid sales force throughout Latin America that is in continuous training through different platforms such as BMI online.
Commitment, empathy, responsibility, integrity and the client are fundamental pillars in the corporate philosophy of BMI. Currently, it has the third family generation providing leadership, innovation and providing peace of mind to families around the world.
