Who owns Willis Re (reinsurance joint venture with Bain Capital)

Willis Re (reinsurance joint venture with Bain Capital) - Profile

Willis Re is a treaty reinsurance broker, relaunched as a venture between WTW and the private investment firm Bain Capital after the announcement at WTW's investor day in December 2024. It places reinsurance for insurance companies and advises them on how much risk to cede, working across property catastrophe and retrocession, specialty lines, analytics and, from 2026, a global life reinsurance practice. The name was revived rather than newly created: WTW had sold the original Willis Re to Arthur J. Gallagher for 3.25 billion dollars at the end of 2021 in an effort to clear its abandoned merger with Aon, and the non compete from that sale had to expire before it could return to the market. The rebuilt firm has hired heavily from rival Guy Carpenter, taking roughly 80 professionals from mid 2025, and in August 2026 agreed to buy BMS Group's United States reinsurance division, which brings six US offices and insurance linked securities capability.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Willis Towers Watson Public Limited Company. WTW's FY2025 10-K (Note 3, Acquisitions and Divestitures) discloses that in Q4 2024 the Company re-entered the reinsurance broking space by making an initial investment in Willis Re, a new reinsurance joint venture with Bain Capital, unrelated to (and confusingly bearing the same name as) the Willis Re reinsurance business WTW sold to Arthur J. Gallagher in 2021 (see the separate note below). WTW does not consolidate Willis Re: it holds a minority interest with an option to acquire a controlling interest in the future. During 2025 the Company made further investments of $30 million and holds both preference and ordinary shares; the ordinary-share portion is accounted for under the equity method, while the preference shares and call options are carried at cost under the ASC 321 accounting alternative. The 10-K states 'the net income and the assets and liabilities of Willis Re are not currently significant to the Company' and discloses NO ownership percentage, no share count, and no total carrying value (only the $30 million INCREMENTAL 2025 investment, not the cumulative balance, which is not stated). The FY2025 10-K's Exhibit 21 subsidiaries list was checked and carries NO ownership-percentage column of any kind (a bare name list, so a genuine negative there), and separately lists several WHOLLY OWNED 'Willis Re' legal entities (Willis Re (Bermuda) Limited, Willis Re GmbH (Germany), Willis Re (UK) Limited, Willis Re Inc. (US-Delaware)) which are leftover/retained WTW-owned entities distinct from the Bain Capital joint venture vehicle itself; none of them carries a percentage either. The Q2 2026 10-Q repeats the same minority-interest/option-to-acquire language with no new figures. Per the project's rule against inventing a number, no share count, percentage, or value is modelled here because no disclosed input exists to model from. sourcesource 2source 3