Willis Acquiring Irish Brokerage
By Mark E. Ruquet
NU Online News Service, June 23, 12:27 p.m. EDT?Willis Group Holdings said it has reached an agreement in principle to acquire the majority shares in Coyle Hamilton, based in the Republic of Ireland.[@@]
Terms of the transaction were not released.
Willis said the acquisition is subject to regulatory and shareholder approval.
Coyle Hamilton has annualized revenue of approximately ?50 million ($60 million U.S.). The firm has offices in Dublin, Limerick and Cork; Belfast, Northern Ireland and London. The firm's approximately 500 employees serve a range of multinational, corporate and personal clients, dealing in insurance and reinsurance brokerage, employee benefits, and risk management.
Nick Jones, a spokesman for Willis, said that under the agreement, Willis would acquire all of Coyle Hamilton's Belfast and London business, which is a small portion of Coyle Hamilton's total operation.
The Republic of Ireland business will be renamed Coyle Hamilton Willis, of which Willis would acquire an initial 50 percent interest, purchasing the remaining interest in the firm over the coming years.
Hugh Governey, chief executive of Coyle Hamilton, will lead the new Coyle Hamilton Willis business.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.