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# Willis Re completes BMS Re US deal, and RiverStone takes QBE reserves
- URL: https://thecoverwire.com/coverwire-briefing-2026-11-02-issue-1/
- Published: 2026-11-02T09:45:26.000Z
- Updated: 2026-11-02T11:31:37.000Z
- Description: Seven UK insurance stories to start the week, in five minutes.
- Author: CoverWire
- Tags: Briefing

Seven UK insurance stories to start the week, in five minutes. ͏ ͏ ͏ ͏ ͏ ͏ ͏

| [ ![Coverwire](https://thecoverwire.com/assets/images/email/coverwire-lockup.png) ![Coverwire](https://thecoverwire.com/assets/images/email/coverwire-lockup-dark.png) ](https://thecoverwire.com/) The Coverwire briefing · Monday 2 November 2026 Monday 2 November 2026 Willis Re completes BMS Re US deal The reinsurance broker has closed its purchase of BMS Group's US reinsurance division, which brings a London-based broking team with it. **Correction, 2 November 2026:** an earlier version of this briefing said hyperexponential now sits inside Guidewire. The acquisition has been agreed but has not completed; Guidewire expects it to close by 31 January 2027. Today's stories **[Willis Re completes BMS Re US deal, taking on a London broking team](https://thecoverwire.com/willis-re-completes-bms-re-us-acquisition-london-team/)** The deal adds property catastrophe, medical malpractice and workers' compensation expertise, and gives Willis Re an operational presence in the US under new chief executive Neil Eckert. **[RiverStone completes legacy deals covering $1.6bn of QBE reserves](https://thecoverwire.com/riverstone-completes-1-6bn-qbe-legacy-deals-leadenhall-ils/)** The London-headquartered run-off specialist also struck its first insurance-linked securities deal, on portfolios tied to Leadenhall Capital Partners funds. **[Binance says it will cover $6.3bn hot-wallet theft from its own funds](https://thecoverwire.com/binance-6-3bn-hot-wallet-theft-company-funds/)** About $3bn has been frozen on-chain. Crypto theft cover is a niche line written largely by specialists in the Lloyd's market and Bermuda. **[Canada's biggest banks restrict personal AI agents such as Meta's Muse](https://thecoverwire.com/canada-banks-block-personal-ai-agents-rbc/)** Royal Bank of Canada told staff such agents can create liability exposure. Meta's Muse can already pull insurance quotes through Insurify's agent gateway. **[Guidewire agrees to buy London pricing firm hyperexponential for $1.7bn](https://thecoverwire.com/guidewire-to-acquire-hyperexponential-1-7bn/)** The deal was agreed on 27 October and Guidewire expects it to close by 31 January 2027\. hx's platform has priced more than $75bn of annual premium. **[Bank of England and FCA survey finds 93% of responding insurers use AI](https://thecoverwire.com/boe-fca-survey-93-percent-insurers-use-ai/)** Insurers run a median of 18 AI systems in production. The regulators now have a baseline to test governance against. **[Allianz X co-leads $200m round in AI specialty underwriter Ledgebrook](https://thecoverwire.com/ledgebrook-200m-round-allianz-x/)** Allianz Re has also signed a multi-year reinsurance deal with the US firm, which writes only through wholesale brokers and expects to pass $1bn of cumulative premium. Number of the day $1.6bn of QBE reserves now with RiverStone, after the run-off specialist completed its loss portfolio transfer deals. [Read the story](https://thecoverwire.com/riverstone-completes-1-6bn-qbe-legacy-deals-leadenhall-ils/) What to watch **[13 November:](https://thecoverwire.com/marrow-2m-pre-seed-ai-agents-buy-insurance/)** comments close on Marrow's open AMI Standards for insurance sold through AI agents. Know someone who should read this? Forward this email. If it was forwarded to you, [sign up free at thecoverwire.com](https://thecoverwire.com/?utm%5Fsource=briefing&utm%5Fmedium=email&utm%5Fcampaign=forward#/portal/signup/free). [Follow Coverwire on LinkedIn](https://www.linkedin.com/company/thecoverwire/?ref=thecoverwire.com) Coverwire is a news and information service. Nothing here is investment, credit or legal advice. [Privacy](https://thecoverwire.com/privacy/) · [thecoverwire.com](https://thecoverwire.com/) |
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