Willis Acquires Three San Diego Firms
NU Online News Service, Aug. 18, 3:26 p.m. EDT?Willis Group Holdings, Ltd., said it would acquire three San Diego firms in a combination cash and stock transaction by the end of this month.
Willis, headquartered in London, said it has signed definitive agreements to acquire Cogdill Bonding and Insurance Services Inc., Scott J. Tucker CFP, and TCT Insurance Services Inc.
Cogdill specializes in surety bond coverage for construction projects in the public and private sectors.
SJT provides group employee benefits consulting and insurance services.
TCT provides general property-casualty insurance products.
Willis said the three brokers combined have annualized revenues of $3.2 million.
All three offices will combine with the existing Willis operation in San Diego.
The acquisitions are expected to close Aug. 31. No additional terms of the deals were revealed.
"These acquisitions are consistent with our strategy of building our presence in key markets and reflect the Willis model of combining access to global resources with local expertise and close client relationships," said Joe Plumeri, Willis' chairman and chief executive officer, in a statement.
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