BMS Group has agreed to sell its US reinsurance division, BMS Re US, to Willis Re for an undisclosed sum.
The definitive agreement covers BMS Intermediaries and BMS Capital Advisory, as well as the associated US reinsurance broking team based in London. The deal excludes BMS’s UK, Latin American, Bermuda and global facultative operations, which will remain within the group.
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. 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.”
Completion remains subject to customary regulatory approvals and other closing conditions.
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