Willis Group Holdings Ltd. said it has completed its acquisition of Richmond, Va.-based Hilb Rogal & Hobbs Co. for $2.1 billion, increasing the insurance brokerage firm's annual revenues by an estimated 24 percent.
London-based Willis said that with the completion of the agreement Willis North America will be renamed Willis HRH. The deal increases Willis' North American presence from 70 locations to 210 and strengthens the firm's position in a number of markets, the broker said.
Willis said its revenues, on a pro forma basis, increased from $2.6 billion in 2007 to $3.4 billion, with North America revenues going from 30 percent of the company's total to 45 percent. Employee benefits also got a boost, rising from 10 percent of revenues in 2007 to 13 percent.
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