Willis Re agrees acquisition of BMS Re US in ‘transformational’ expansion

Willis Re has agreed to acquire BMS Group’s US reinsurance division in a deal described by the buyer as transformational for its international growth strategy.

The transaction includes BMS Re US, comprising BMS Intermediaries and BMS Capital Advisory, together with the associated US reinsurance broking team based in London.

Financial terms were not disclosed by the two re/insurance brokers, and the transaction remains subject to regulatory approval and closing conditions.

BMS Re US provides reinsurance and capital solutions to regional and super-regional carriers, MGAs and programmes, with a focus on property and casualty business.

Its capabilities include property catastrophe, medical malpractice and workers’ compensation, alongside treaty reinsurance, capital advisory and casualty facultative services.

Willis Re said the acquisition would establish an operational presence in the US and significantly expand its international footprint, while adding new lines of business and strengthening existing capabilities.

Lucy Clarke (pictured), 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.”

She added: “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.”

The deal does not include BMS’s UK, Latin America, Bermuda or global facultative reinsurance operations, which will remain part of BMS Group.

BMS said those businesses remain core to its strategy, supported by a reinsurance talent base of around 140 people.

Nick Cook, CEO of BMS Group, said: “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.”

Cook said BMS would continue pursuing growth across its remaining reinsurance operations.

“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,” he said.

“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,” he added