Willis Buys PRIMARY Worldwide Corp.
NU Online News Service, Jan. 26, 2:43 p.m. EST?Willis Group Holdings Limited, the global insurance broker, said it has signed a definitive agreement to acquire PRIMARY Worldwide Corporation, an insurance broker based in Los Gatos, Calif.[@@]
Terms of the deal were not disclosed. The transaction is expected to close in the first quarter of this year.
With annual revenues of approximately $4 million, PRIMARY provides group benefits insurance brokerage and human resources consulting and outsourcing services for middle-market companies in California.
Joe Plumeri, chairman and chief executive officer of Willis, said the acquisition reflects the firm's commitment to grow its Employee Benefits Practice unit and its presence in the West.
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