Willis Re closes US buyout of BMS reinsurance arm to crack world's largest market
What's the deal? Reinsurance broker Willis ReDealroom has a profile for this one. Try Dealroom → has completed its acquisition of the US reinsurance division of BMS GroupDealroom has a profile for this one. Try Dealroom →, including BMS Intermediaries and BMS Capital Advisory. The deal, signed in August 2026, gives Willis Re an operational base in the US. Terms were not disclosed.
What's Willis Re buying? BMS Re, US offers property and casualty treaty reinsurance for regional and super-regional carriers, with expertise in complex lines such as property catastrophe, medical malpractice, and workers' compensation. Its footprint spans six US cities plus a London-based team focused on the US market. BMS Re posted gross revenue of almost $174 million in 2024.
Why it matters: The deal hands Willis Re a ready-made US platform rather than one it would build from scratch. It also adds BMS Capital Advisory's catastrophe-bond, sidecar, and other insurance-linked securities capabilities — a function Willis Re lost when it sold its securities unit to Gallagher in 2021.
Why now? This is the first major acquisition since Willis Re's 2024 relaunch as a joint venture between WTWDealroom has a profile for this one. Try Dealroom → and Bain CapitalDealroom has a profile for this one. Try Dealroom →. That followed WTW's $3.25 billion sale of its original reinsurance arm to Arthur J. Gallagher two years earlier.
What changes for BMS? BMS Group is exiting US reinsurance but keeps its UK, Latin America, Bermuda, and Global Facultative operations. "Willis Re is the right partner to take that foundation further," said Nick Cook, chief executive officer of BMS Group.
The signal: Willis Re is moving from recruitment to acquisition to scale beyond its international base, with WTW projecting the unit as a $0.30 per share drag on its 2026 adjusted earnings. The purchase signals a concrete push into the world's largest insurance market as independent reinsurance platforms consolidate.
Read more: insuranceasianews.com
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