Specialist international reinsurance broker Willis Re has reached an agreement to acquire BMS Re, US, the US reinsurance arm of independent broker BMS Group for an undisclosed sum, subject to regulatory approval and other closing conditions.
The definitive agreement to acquire BMS Re, US includes BMS Intermediaries Inc., BMS Capital Advisory LLC, and the associated US reinsurance broking team based in London.
For Willis Re, the addition of BMS Re, US, which has a focus on property and casualty lines, provides a platform to accelerate its geographic growth, enhance its existing capabilities, and also diversify into new lines of business.
The reinsurance broker says that by establishing an operational presence in the US, the deal significantly expands its global footprint and puts the business in a good position to operate in the world’s largest insurance market.
Lucy Clarke, Board Member of Willis Re, said: “This is a transformational acquisition for Willis Re and one that strongly supports our global growth strategy and greatly accelerates our expansion into the US.
“BMS Re, US has built an excellent reputation as one of the largest independent specialist reinsurance platforms in the region, underpinned by deep expertise across complex risk classes and long-standing relationships with a diverse client base. Combined with Willis Re’s existing specialty expertise and international platform, we are extremely well positioned to deliver exceptional outcomes for clients and pursue attractive long-term growth opportunities.”
After WTW sold its treaty reinsurance business to Gallagher Re in 2021, the company announced plans to return to the market via a joint venture with Bain Capital in late 2024. Since then, Willis Re has made numerous hires, including John Fletcher as Bermuda CEO, although it’s still unclear who will serve as Willis Re CEO.
With this acquisition, Willis Re has accelerated its growth ambitions and added a London-based reinsurance broking team which has experience offering bespoke reinsurance and capital solutions with local market expertise, and boasts a strong client base across regional and super-regional carriers, as well MGA and programmes.
The agreement excludes the UK, Latin America, Bermuda, and Global Facultative business, which BMS says remain a core part of the Group as the broker positions itself “to deliver even stronger outcomes for clients over the long term.”
Nick Cook, CEO of BMS Group, commented: “This transaction marks an important step in BMS’s ongoing evolution. We built the US reinsurance business into one of the strongest independent platforms in the market, and Willis Re is the right partner to take that foundation further. We wish the team every success as they enter this next chapter.
“We remain fully committed to providing innovative reinsurance solutions for our clients across the UK, Latin America, Bermuda and the rest of the world, alongside our growing global facultative, specialty and retail operations. Backed by a strong leadership team and a 140-person strong talent base, we have ambitious growth plans for the reinsurance segment and a clear strategy to further expand our reach, capabilities and client offering in the years ahead.”
BMS was advised by Evercore, Skadden, Arps, Slate, Meagher & Flom LLP, PwC, and Deloitte.
