Willis Takes Majority Control of Argentina Broker

May 27, 2004

Global insurance broker Willis Group Holdings announced that it has finalized the buy-out of a 20 percent stake in Herzfeld & Levy, the Group’s retail operation in Argentina. On completion of the transaction Willis will have a 60 percent stake in the company.

Willis said it “anticipates acquiring the remaining 40 percent in 2010,” and added that “Herzfeld & Levy is one of Argentina’s leading insurance brokers. Headquartered in Buenos Aires, its 160 employees serve a broad range of large and mid-sized corporate clients.”

Willis Chairman and CEO Joe Plumeri commented: “A key element of our strategy for our international business is, where possible, to secure majority or full control of our operations in growing markets. We are excited by our growth prospects in Argentina, which is emerging from recent economic difficulties. Moreover, we have ambitious expansion plans for Latin America as a whole and are confident we can achieve significant growth in both Argentina and the wider Latin America region.”

Roberto Herzfeld, who will continue as Managing Director of Herzfeld & Levy, indicated that “our relationship with Willis was developed through our shared values and reputation for the highest levels of integrity in the market. My colleagues and I are now delighted to become more closely integrated with Willis, the world’s most dynamic and best performing global broker of recent years. Willis’ global approach – global resources delivered locally through superb client service – fits our own culture very well and we are excited by the expanded opportunities available to us from this transaction.”

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