Willis Group Holdings plc announced today that Willis Re Inc., its North American reinsurance business, has entered into a definitive agreement to acquire the assets of SurePoint Reinsurance Advisors, LLC, in Portland, Maine.
Details of the transaction, which is expected to be completed in the late third or early fourth quarter of 2014, were not disclosed.
SurePoint is a professional advisory and reinsurance broking firm that provides specialist services to insurance companies in the employee benefit market, specifically the accident and health (A&H) sector. SurePoint was founded in Maine in 2005 by re/insurance industry executives Jim Fallon, Mike Lachance and Rob Fast.
Willis Group said the acquisition expands Willis Re’s existing capabilities in the growing A&H market within North America.
The SurePoint team, who will become Willis associates, will continue to be based in Portland under the leadership of Jim Fallon, Mike Lachance and Rob Fast. Willis Group said Fallon will assume leadership responsibility for Willis Re’s North America A&H segment, Lachance will become branch manager for the new Willis Re Maine office and Fast will continue to play an integral role in the organization.
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