Willis Takes Over Ireland's Coyle Hamilton
NU Online News Service, Oct. 4, 11:24 a.m. EDT?Willis Group Holdings said it has completed the acquisition of a 56 percent shareholding in Coyle Hamilton, the Republic of Ireland's largest privately owned insurance broker, and will rename it Coyle Hamilton Willis.[@@]
The London-based Willis said that it would acquire the remaining interests in the firm in 2007 and 2009. Details of the acquisition price were not revealed.
Coyle Hamilton has annualized revenue of approximately Euro 50 million ($60 million U.S.). With offices in Dublin, Limerick, Cork, Belfast and London, its approximately 500 employees serve a broad range of multinational, corporate and personal clients.
The firm provides insurance broking, employee benefits, reinsurance broking and risk management.
Willis said that plans are well advanced to integrate Willis' existing business in the Republic of Ireland within Coyle Hamilton Willis. The businesses of Coyle Hamilton in Belfast and London will be integrated with the businesses of Willis in those markets.
Hugh Governey, chief executive of Coyle Hamilton, will lead the new Coyle Hamilton Willis business in the Republic of Ireland. Jim Halliday, chief executive of Willis Northern Ireland, will lead the combined Northern Ireland business. Other appointments and detailed management structures will be advised as soon as these are established as part of the integration process, the broker said.
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