Willis On Acquisition Spree, Buys Hong Kong Broker

Willis On Acquisition Spree, Buys Hong Kong Broker

NU Online News Service, Oct. 7, 11:46 a.m. EDT?London-based broker Willis Group Holdings Limited, which has been actively pursuing acquisition targets, said yesterday it had acquired the business portfolio of Hong Kong-based insurance broker The Grande Insurance Broker Limited.[@@]

While not disclosing details of the transaction, Willis stated that it has assumed responsibility and control of the business with immediate effect. The firm said the business integration will be completed by Nov. 1, at which time all Grande Insurance Brokers employees will have transferred to Willis offices in Hong Kong.

The Grande Insurance Brokers is a Hong Kong licensed general insurance broker targeting middle-market corporate clients in the financial and professional risk sectors. It has annual revenues of around $700,000.

"This acquisition reflects our commitment to expanding in Asia, where we see excellent opportunities for growth," said Joe Plumeri, chairman and chief executive of Willis. He said Willis is now the fastest growing international insurance broker in the Greater China area and that his firm will continue to seek further opportunities for expansion, "including via acquisition."

Earlier this month, Willis completed its acquisition of CH Jeffries, a Northwest England-based insurance broker with annual revenues of around $4.5 million. Willis also announced this month that it has completed the acquisition of a 56 percent shareholding in Coyle Hamilton, the Republic of Ireland's largest privately owned insurance broker. Coyle Hamilton's annual revenues are around 50 million euros, or around $61.5 million.