To establish an operational presence in the U.S., reinsurance broker Willis Re on Aug. 18 said it is acquiring BMS Re, US.
The deal includes BMS Intermediaries Inc. and BMS Capital Advisory LLC, as well as the associated US reinsurance broking team based in London. Terms were not disclosed.
Independent reinsurance platform BMS Re, US, part of BMS Group, is focused on property/casualty, with expertise in complex lines including property catastrophe, medical malpractice and workers’ compensation. It offers reinsurance
and capital solutions with local market expertise, and a strong client base across regional and superregional carriers, and MGA and programs.
“This is a transformational acquisition for Willis Re and one that strongly supports our global growth strategy and greatly accelerates our expansion into the US,” said Lucy Clarke, Willis Re board member, in a statement.
“Combined with Willis Re’s existing specialty expertise and international platform, we are extremely well positioned to deliver exceptional outcomes for clients and pursue attractive long-term growth opportunities,” Clarke added.
BMS Group said the agreement excludes the UK, Latin America, Bermuda, and Global Facultative business, which remain a core component of the brokerage.
BMS Group CEO Nick Cook said the transaction is :an important step in BMS’s ongoing evolution” and Willis Re is “the right partner” to take its US reinsurance business further.
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St. Petersburg-based Mangrove Property Insurance, launched two years ago, has created its own reinsurance sidecar, the company announced.
Grove Re Ltd., domiciled in Bermuda, will be a Class 3A insurer, designed to support Mangrove’s risk management and underwriting. Mangrove CEO and founder Steve Weinstein said the re firm will help enhance Mangrove’s risk transfer efficiency and use of capital.
