Willis Acquires Two So. American Brokers

Willis Group Holdings said the brokerage has acquired two South American companies, terms of the transactions were not disclosed.

In Lima, Peru Willis said it has acquired JH Asesores y Corredores de Seguros S.A. (JHA), a leading broker. As part of the agreement, Willis will also acquire JHA's reinsurance operation, JH Corredores de Reaseguros S.A.

In Sao Paulo, Brazil the firm has bought K.R. Athos Consultoria e Corretora de Seguro de Vida s/c Ltda (Athos), an employee benefits company.

Willis said the JHA deal is subject to Peruvian regulatory approval.

Annualized revenue from the two transactions total approximately $5.2 million, the London headquartered broker said.

Willis said it has worked closely with JHA on a correspondent basis since 2001.

The acquisition of Athos would double the size of Willis' employee benefits unit in Sao Paulo, the firm said. It added that employee benefits is the fastest growing broking sector in Brazil and the acquisition would provide a major boost to its profile in this key area.