Carl Hess, CEO of global broking group WTW, said the firm’s reinsurance joint venture with private investment firm Bain Capital is progressing well, and he remains confident in its long-term contribution to growth and earnings.
In December 2024, WTW confirmed its intention to re-enter the treaty reinsurance broking market through a joint venture with Bain Capital, with WTW set to hold a minority stake in the new company.
This move follows the 2021 sale of Willis Re’s treaty reinsurance brokerage operations to Gallagher for $3.25 billion.
Speaking during WTW’s Q1 earnings call, Hess noted that the firm is still in the early stages of the joint venture.
“This is a new launch,” said Hess. “We’re still in the startup phase, and we’re focused on building out the infrastructure and hiring new talent at this point.”
Nonetheless, he reiterated that the venture is progressing well and expressed confidence in its long-term contribution to WTW’s future growth and earnings.
“We’ll give you more of an update when there’s more to share. But we’re very pleased with the progress made and we’re excited about our return to reinsurance,” Hess added.
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