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Willis Re to acquire BMS Re US to expand in the United States
The deal adds a property and casualty-focused US reinsurance platform and includes BMS Intermediaries Inc., BMS Capital Advisory LLC, and a US broking team based in London.
Specialist international reinsurance broker Willis Re has agreed to acquire BMS Re, US, the US reinsurance arm of independent broker BMS Group, for an undisclosed sum, pending regulatory approval and other closing conditions, Reinsurance News reports.
Willis Re said the acquisition is meant to accelerate its geographic growth, enhance its existing capabilities, and diversify into new lines of business. It also said establishing an operational presence in the US will expand its global footprint and position it in the world’s largest insurance market.
The transaction includes BMS Intermediaries Inc., BMS Capital Advisory LLC, and the associated US reinsurance broking team based in London. Willis Re added that BMS Re, US focuses on property and casualty lines.
BMS Group CEO Nick Cook said the deal is an important step in BMS’s evolution, highlighting that it built the US reinsurance business into an independent platform and that Willis Re is expected to take it further, while Willis Re board member Lucy Clarke called the acquisition transformational for its US expansion strategy.