Willis Re Completes BMS Re US Acquisition Deal

Global Insurance Desk: Willis Re has completed its acquisition of BMS Re’s US operations, securing a significant operational presence in the world’s largest insurance market and restoring capital markets capabilities it had not held since 2021.

The deal, which closed on November 1, covers BMS Intermediaries Inc., BMS Capital Advisory LLC and the associated BMS Re team based in London that focused on US clients. Financial terms were not disclosed.

The acquisition gives Willis Re its first dedicated US platform and brings with it the licences required to arrange and deal in insurance linked securities. Willis Re had previously sold its original capital markets and catastrophe bond structuring arm, Willis Re Securities, to Arthur J. Gallagher as part of a larger divestiture in 2021.

The BMS Capital Advisory business now restores that capability, allowing the broker to structure catastrophe bonds, reinsurance sidecars and other ILS instruments once again.

On the broking side the transaction adds six offices across New York, Philadelphia, Chicago, Minneapolis, Atlanta and Dallas together with an established client base of regional and super regional carriers, managing general agents and programme business.

The book expands Willis Re’s reach in property catastrophe, medical malpractice and workers’ compensation, lines that complement its existing specialty focused profile. BMS Group retains its UK, Latin America, Bermuda and global facultative operations, which remain outside the scope of the sale.

Lucy Clarke, a board member of Willis Re, described the move as creating a stronger platform for growth by combining complementary strengths, deeper market relationships and enhanced specialist expertise.

The completion follows an agreement announced in August and marks a notable step in Willis Re’s efforts to rebuild scale after its earlier restructuring. Industry observers note that the deal accelerates the broker’s geographic expansion while giving it immediate access to cash flows and relationships in a competitive US market.