BMS Group, the independent specialist insurance and reinsurance broker, today announced it has entered a definitive agreement to sell its US Reinsurance division (BMS Re US) including BMS Intermediaries Inc. and BMS Capital Advisory LLC, as well as the associated US reinsurance broking team based in London, to specialist international reinsurance broker Willis Re for an undisclosed sum.
The agreement excludes the UK, Latin America, Bermuda, and Global Facultative business, which remain a core component of BMS Group. By focusing the business this way, BMS is positioning itself to deliver even stronger outcomes for clients over the long term.
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.”
BMS was advised by Evercore, Skadden, Arps, Slate, Meagher & Flom LLP, PwC and Deloitte.
The transaction is subject to regulatory approvals and other closing conditions.
