Willis announces completion of deal on the sale of majority
shareholding to global insurance broker Willis.
Willis Ireland to be Ireland’s premier
insurance broker
October, 1-2004, The Board of Willis has announced
the completion of the deal on the sale of a majority
shareholding in that company to the global insurance
broker Willis (NYSE: WSH). The completion of the deal
– which was first announced in June - follows
the receipt of regulatory approval for the transaction
from both the Competition Authority and the Irish Financial
Services Regulatory Authority (IFSRA). Willis is the
third largest insurance broker in the world and the
transaction will see that company acquire the remaining
shareholding in Willis over the next several
years.
The businesses of Willis and Willis in Ireland
will now merge under the new brand Willis Ireland.
This will create the Republic of Ireland’s leading
insurance and re-insurance broker, pensions, actuarial
and risk management consultancy.
Hugh Governey, Chief Executive of Willis, is
Chief Executive of the merged business.
Separately the transaction sees the integration of
the businesses of Willis in London and Belfast
into the existing operations of Willis in those markets.
Willis Ireland operation in the Republic of
Ireland has offices in Dublin, Limerick and Cork. It
employs over 500 people and provides insurance broking,
risk management and employee benefits and pensions advice
to a broad range of multinational, corporate and personal
clients. The company has annualized revenue of approximately
euro50 million.
Speaking on the announcement, Hugh Governey, Chief
Executive Willis Ireland, said: “This deal
will greatly enhance the range of services and resources
which we can offer to all our clients. It reflects the
fact that the global insurance, reinsurance and benefits
consulting businesses have become increasingly global
over the past decade and it positions Willis Ireland as the premier insurance broker in the Irish
market. We do not believe we could have found a more
attractive global partner than Willis which has enjoyed
exceptional success and growth in recent years and we
regard today as a landmark day for all the clients and
staff of Willis Ireland.”
Welcoming the creation of Ireland’s premier insurance
broker, Joe Plumeri, Chairman and CEO of Willis said:
“I’m delighted at the formal completion
of this deal. Willis has major growth plans and Willis Ireland – with its strong local market
positions, client focused philosophy and highly professional
and experienced workforce will play a significant role
in helping us realise our ambitions.”
Note on Willis.
Willis Group Holdings Limited is a leading global insurance
broker, developing and delivering professional insurance,
reinsurance, risk management, financial and human resource
consulting and actuarial services to corporations, public
entities and institutions around the world. With over
300 offices in some 80 countries, its global team of
14,500 associates serves clients in some 180 countries.
Additional information on Willis may be found on its
web site www.willis.com.
Further Information:
Willis Ireland
Ray Gordon
MRPA Consultants
Ph: 01 6788099
Ph: 087 2417373
Willis
Dan Prince
Ph: + 212 837 0806
|
