WTW to reenter treaty reinsurance broking

Willis Towers Watson PLC confirmed Tuesday it will reenter the treaty reinsurance broking sector via a joint venture with Bain Capital LP.

WTW will hold a minority stake in the newly formed company, the broker said in a statement issued during its investor day.

Bain Capital is a “strong joint venture partner” that “minimizes execution risk,” WTW said in a slide presentation posted to its website. The reinsurance brokerage will offer “high-growth potential” as the business scales, WTW said.

WTW sold its reinsurance business to Arthur J. Gallagher & Co. in late 2021 for $3.25 billion in the wake of WTW’s failed merger with Aon PLC. The sale of the reinsurance business was proposed earlier that year after regulators in the European Union pressured Aon to sell various business units to secure antitrust approval of its proposed purchase of WTW.