Willis Group Holdings, the world’s third largest insurance broker, announced that it has agreed to acquire Ital Re SpA, a major Italian reinsurance broker.
The bulletin described Ital Re as “a leader in providing reinsurance broking services.” Its main offices are in Rome and Milan. The announcement did not reveal the terms of the acquisition.
Willis Chairman and CEO Joe Plumeri, commented: “This acquisition fits in well with our strategy to expand in major functional and geographic areas where we see good growth prospects. Reinsurance is a great strength of Willis and Southern Europe is a key market.” He added that acquiring “a quality team that is well known and respected will strengthen further our European reinsurance business.”
Giulio di Gropello, the CEO of Ital Re indicated: “My partners, staff and I are delighted to be joining the Willis team. Willis’ management approach and focus on client services is consistent with our own. We see great opportunities to grow our business and look forward to working jointly with Agostino Puppo, CEO of Willis Re Italia, his colleagues and the rest of the strong global network of Willis, to deliver unrivalled expertise to the benefit of our clients.”