Willis Re to acquire BMS Re, US including Capital Advisory

Willis Re, the reinsurance advisory and brokerage firm, has signed a definitive agreement to acquire the US Reinsurance division of BMS Group (BMS Re, US). The deal includes BMS Intermediaries Inc., BMS Capital Advisory LLC, and BMS Re’s associated US reinsurance broking team based in London.

It’s important to highlight that BMS Capital Advisory also includes the BMS Re team that has worked on catastrophe bonds, reinsurance sidecars and other insurance-linked securities (ILS) placements.

Given this, the acquisition will enable Willis Re to significantly broaden its reach within the growing ILS market.

According to the announcement, the agreement excludes BMS Group’s UK, Latin America, Bermuda, and Global Facultative business, which remain a core component of the organisation.

Moreover, BMS Re, US provides tailored reinsurance and capital solutions, leveraging local market expertise and a robust client base that includes regional and super-regional carriers, as well as MGAs and programs.

While primarily concentrating on property and casualty, BMS Re, US also possesses deep expertise in complex lines such as property catastrophe, medical malpractice, and workers’ compensation.

Willis Re’s acquisition of BMS Re, US, will provide a strong platform to accelerate the brokerage group’s geographic growth, as well as the ability to enhance its existing capabilities and expand into new lines of business.

By establishing an operational presence in the US, the acquisition will also expand Willis Re’s international footprint and positions the business to participate in the world’s largest insurance market.

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.”

He continued: “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.”

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.”

Adding: “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 BMS Capital Advisory arm has acted on a number of 144A catastrophe bonds and reinsurance sidecars, including recent transactions such as US Coastal’s Chartwell Re Ltd. (Series 2025-1) catastrophe bond issuance and the Fractal Re sidecar for Starwind.

This acquisition marks the first specific addition of reinsurance capital markets capabilities for Willis Re, with the Capital Advisory unit of BMS presumably also bringing with it the licenses necessary for arranging and dealing in ILS instruments.

BMS was advised on the transaction by Evercore, Skadden, Arps, Slate, Meagher & Flom LLP, PwC and Deloitte.

The transaction is subject to regulatory approvals and other closing conditions.