The broker is hoping the deal will allow it to sharpen the focus of its global reinsurance business as it snaps up BMS Re US, BMS Intermediaries, BMS Capital Advisory and its reinsurance broking team for the US based in London. The firms did not disclose the financial terms.

The agreement does not include its global facultative reinsurance, Bermuda, UK or Latin America operations, which will remain part of the group’s core business.

It’s UK operation includes Paisley-based D2 Corporate Solutions, which was bought in 2021 by DR&P Group in a deal that saw it acquire an 80% majority stake in the firm.

BMS stated the sale, which is subject to regulatory approval, will allow them to focus on delivering long-term growth across its remaining divisions alongside its specialty and retail operations.

Nick Cook, chief executive at 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.”