Willis takes over full ownership of local units
Bnamericas Published: Tuesday, September 29, 2009
UK insurance broker Willis (NYSE: WSH) announced that it has completed the purchase of 100% of its Argentine retail unit Herzfeld Willis and reinsurer Willis, which will from now on be known as Willis Argentina. Terms of the transaction were not disclosed. Willis entered Argentina in 1999 by acquiring 20% of local insurance broker Herzfeld & Levy to become Herzfeld Willis and set up reinsurance company Willis, in which the UK broker took a 60% stake, with the remaining 40% owned by two private individual investors. In 2000, Willis acquired a further 20% stake in Herzfeld Willis and then in 2004, became the majority shareholder of Herzfeld Willis by acquiring a further 20% stake to move to an overall 60% holding. "We have taken full ownership of Willis Argentina because we see excellent growth prospects in this country and are committed to becoming the leading broker there. We have ambitious expansion plans for Latin America as a whole and a strong foothold in Argentina will help us maintain the double-digit growth momentum that we have built up in the region," Eugenio Paschoal, CEO for Willis Latin America said in a press release. The broker has 26 offices throughout Latin America in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.
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