Global insurance brokerage Willis Group Holdings Ltd. said it has acquired Carter Insurance Group Inc., based in Tampa, Fla. Terms of the transaction were not released.
Carter Group is an underwriting manager and program administrator specializing in franchised auto, truck, recreational vehicle dealers and the auto/truck service businesses. Carter Insurance will be part of Willis' Programs Practice.
Founded in 1927, the Carter Group serves independent insurance agents and brokers in 49 states in the auto and auto service industries. Car-Pac, one of the Carter Group's key programs, writes property-casualty insurance for auto, truck and RV dealerships.
Its Auto Service Center program is designed to meet the needs of auto and truck service centers, parts stores, tire stores, convenience stores with gas services, and more.
The management and staff of the Carter Group–a total of 21–will remain with the company, and no immediate changes in operations are planned.
“Our acquisition of Carter Insurance Group is consistent with our stated approach to acquisitions for growth,” said Joe Plumeri, chairman and chief executive officer of Willis, in a statement. “We've got a strong program business and are committed to growing it in a directed and meaningful way. Carter brings strength to an important sector of the economy, and we look forward to growing this business together.”
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