Willis Europe BV, a subsidiary of global insurance broker, Willis Group Holdings plc, and Peruvian financial services group Credicorp Ltd, announced that, on February 24, 2012, Grupo Credito, a subsidiary of Credicorp, acquired 49.9 percent of the shares in Willis Peru, a wholly-owned subsidiary of Willis.
The transaction “contributes significantly to Credicorp’s strategy to expand in financial business in Peru, specifically its insurance business,” Willis explained, adding that the investment “is equivalent to less than one percent of Credicorp’s capital.
The specific terms of the transaction were not disclosed.
“Willis Peru will continue to provide independent and transparent insurance broking services and risk management advice to all of its customers in Peru, developing insurance solutions with the best markets and on the best price and terms in the interests of its clients,” the bulletin continued.
Carlos Miguel Vidal Buckley has been named CEO of Willis Peru, subject to regulatory clearance. He joins Willis from the Credicorp group of companies where he has held a number of strategic and operational senior management positions. He has over 18 years of experience in the insurance industry and commercial insurance brokerage market in Peru.
Jaime Herrera, the CEO of Willis Peru since 2005, has been named non-executive President of Willis Peru.
Sarah Turvill, Chairman of Willis International, commented: “This transaction makes excellent commercial sense for Willis and Credicorp. We maintain our independence as a broker and enter a strategic relationship with Peru’s top financial services holding company to provide broking and affinity services to Credicorp’s customers.
“In today’s world, issues such as convenience, availability, channel loyalty and after sales service are increasingly important. It is no longer just the product that counts, but how, when and where it is delivered to the customer,” Turvill added. “We look forward to working closely with Credicorp and welcome Carlos, a seasoned insurance broking professional, to the helm of Willis Peru.”
Willis added that its Peru subsidiary has “operated in the Peruvian market for over 40 years and currently has a staff of more than 90 employees.”