NU Online News Service, Sept. 29, 12:14 p.m.EDT

Willis Group Holdings Ltd. said it has completed its acquisitionof Herzfeld Willis S.A. (retail operation) and Willis S.A.(reinsurance operation) in Argentina. Terms of the deal were notreleased.

The London-headquartered insurance brokerage firm said theacquired operation will be renamed Willis Argentina S.A.

Willis said it established a presence in Argentina in 1999 byacquiring 20 percent of Herzfeld & Levy, a leading nationalinsurance broker, to become Herzfeld Willis. It also set up WillisS.A., a reinsurance company in which the group took a 60 percentstake, with the remaining 40 percent owned by two privateindividual investors.

In 2000, Willis acquired a further 20 percent stake in HerzfeldWillis, and then in 2004 became the majority shareholder ofHerzfeld Willis by acquiring a further 20 percent stake to move toan overall 60 percent holding.

The latest transaction sees Willis increase its stake to 100percent in both the retail and the reinsurance operations.

Willis said Willis Argentina has 130 associates located in itsoffice in Buenos Aires. All told, the broker said it has 26 officesthroughout Latin America in Argentina, Brazil, Chile, Colombia,Mexico, Peru and Venezuela.

Eugenio Paschoal, chief executive officer for Willis LatinAmerica, said in a statement, "We have taken full ownership ofWillis Argentina because we see excellent growth prospects in thiscountry and are committed to becoming the leading brokerthere."

He added that the firm has "ambitious expansion plans for LatinAmerica as a whole and a strong foothold in Argentina will help usmaintain the double-digit growth momentum that we have built up inthe region."

Fabiana Scalone, CEO of Willis Argentina S.A., added, "Togetherwith Willis, we have developed a dynamic hub of insurance andreinsurance broking expertise in Argentina. By coming fully underthe Willis umbrella, we believe that our clients will continue tobenefit from high-touch local service, backed by the extensiveglobal resources and expertise of one of the world's leading brokerpower houses."

Willis has more than 400 offices in nearly 120 countries, with aglobal team of approximately 20,000 associates serving clients insome 190 countries.