Willis Increases Stake In Argentina Broker
NU Online News Service, May 26, 11:59 a.m. EDT?Willis Group Holdings said as part of an expansion plan for Latin America it has taken a majority interest in Herzfeld & Levy, Willis' retail operation in Argentina. Financial details were not released.[@@]
Willis, headquartered in London, said it now owns 60 percent interest in the Buenos Aires-based firm and plans to acquire the outstanding 40 percent by 2010.
Willis said Herzfeld & Levy is one of Argentina's major insurance brokerage firms, with 160 employees serving a broad range of large and midsized corporate clients.
"We are excited by our growth prospects in Argentina, which is emerging from recent economic difficulties," said Joe Plumeri, chairman and chief executive officer of Willis in statement.
He added that the firm has "ambitious expansion plans for Latin America as a whole and we are confident we can achieve significant growth in both Argentina and the wider Latin America region."
Willis said that Roberto Herzfeld will continue as managing director of Herzfeld & Levy.
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