Willis Group Holdings said it has agreed to acquire the businessand assets of Reinsurance Consultants and Intermediaries Ltd.(RCI), the reinsurance division of South African insurance brokerGlenrand M.I.B. Limited (GMIB).

Terms of the deal were not released.

As part of the transaction, Willis will also acquire GMIB'smajority shareholding in Reinsurance Consultants and Intermediaries(Mauritius) Limited. RCI, a reinsurance brokerage firm based inHyde Park, Johannesburg, has reported annualized total revenue ofapproximately 31 million rand (approximately $5 million U.S.). Thefirm has an office in the island nation of Mauritius.

RCI is expected to provide Willis Re with a significant localpresence to serve the reinsurance needs of the growing economies ofSouth Africa.

The transaction, which is subject to regulatory approval, isexpected to close by the end of the year.

Willis said the acquisition is part of its strategy to enhanceits global reinsurance platform and follows closely the recentagreement to establish Willis Gras Savoye Re, which will serve thereinsurance needs of the French and Belgian markets.

RCI's Iain Macindoe will continue to lead the new company aschief executive officer. Warren Neale, managing director of WillisRe, will oversee the new South African operation.