The agreement does not include its UK, Latin America, Bermuda or global facultative reinsurance operations
BMS Group has agreed to sell its US reinsurance division to Willis Re as the broker sharpens its focus on other parts of its global reinsurance business.
The transaction includes BMS Re US, BMS Intermediaries, BMS Capital Advisory and the associated US reinsurance broking team based in London. Financial terms of the deal were not disclosed.
The agreement does not include its UK, Latin America, Bermuda or global facultative reinsurance operations, which will remain part of the group’s core business.
Nick Cook, chief executive at 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. We wish the team every success as they enter this next chapter.”
Reinsurance focus
BMS said that the move would allow it to focus on delivering long-term growth across its remaining reinsurance activities, alongside its specialty and retail operations.
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It added that it remains committed to providing reinsurance solutions across its international markets and plans to continue investing in its global reinsurance platform.
Cook said: ”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.”
The deal remains subject to regulatory approvals and customary closing conditions.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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