Willis Re has signed an agreement to acquire BMS Group’s US reinsurance division, expanding its international footprint.

The BMS business has expertise in lines including property catastrophe, medical malpractice and workers’ compensation.

“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,” board member Lucy Clarke said.

“BMS Re US has built an excellent reputation as one of the largest independent specialist reinsurance platforms in the region, underpinned by deep expertise across complex risk classes and long-standing relationships with a diverse client base.”

The transaction, for an undisclosed sum, is subject to regulatory approval and other closing conditions.

The deal includes BMS Intermediaries Inc and BMS Capital Advisory, plus the associated US reinsurance broking team based in London.

BMS Group says the transaction is an important step, and focusing on other parts of the reinsurance business will deliver stronger outcomes over the long term.

“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,” CEO Nick Cook said.

“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.”

Mr Cook says BMS has ambitious growth plans for the reinsurance segment and a clear strategy to expand its reach, capabilities and offering.