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.
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