Specialist (re)insurance broker BMS has agreed a deal with two investors that it says values the London-based group at £500 million ($909.04 million).

BMS has been expanding in Australia under CEO Andrew Godden, and plans to tap the Asia-Pacific market. It already has offices in Melbourne, Sydney, Brisbane and Perth, and its international employee headcount has grown to almost 400 across 16 offices.

The deal with Canadian pension fund British Columbia Investment Management Corporation and UK private equity firm Preservation Capital Partners is expected to close next quarter, subject to regulatory approvals.

The BMS management team, led by CEO Nick Cook, will keep their roles, and management and staff remain significant shareholders.

Mr Cook says the deal “secures our future as an independent broker”.

BMS recorded revenue growth of 25% last year, helping it break the £100 million ($181.81 million) barrier for the first time after five years of consistent growth.