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.

The renamed brokerage unit will be headed by Don Bailey, who was named chairman and chief executive officer of Willis HRH. Mike Crowley was named president, and Mell Vaughan named vice chairman of Willis Group Holdings. Both Mr. Crowley and Mr. Vaughan were chief executives for HRH.

“Our combination with HRH transforms our North American operations into a larger, stronger and more diverse business with greater growth potential than ever before,” Joe Plumeri, chairman and chief executive officer of Willis Group Holdings, said in a statement.

Mr. Plumeri continued, “We're adding some of the best talent this industry has to offer, expanding our local market presence, strengthening our position with middle-market clients, and growing significantly in key practice areas that offer tremendous potential for the future. We've already made great progress with our 'Shaping our Future' growth strategy and the addition of HRH will accelerate that performance momentum for the benefit of our company and our shareholders.”

“This combination is a great strategic fit, and it puts us in the perfect position to serve our clients like never before with the best resources and professional talent in the industry,” said Mr. Bailey.

“We expect the integration of these two businesses will proceed very smoothly, and it will be a seamless transition for our clients,” said Mr. Crowley.

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