Willis Completes Acquisition of English Broker

October 5, 2004

Global insurance broker Willis Group Holdings announced that it has completed the acquisition of CH Jeffries (Insurance Brokers) Limited, a North West England-based insurance broker with annual revenues of approximately £2.5 million ($4.5 million). The transaction, whose terms are not disclosed, is effective from October 1, 2004.

Founded in 1964, Jeffries has been owned and led by Brent Connell since 1973. It has offices in Cockermouth and Carlisle, Cumbria and employs approximately 70 people.

“Jeffries has been a member of the Willis Commercial Network since 1999,” the bulletin explained. “The Network is a partnership between Willis and over 60 regional brokers throughout the UK, in which the brokers retain their independence while being able to access the global resources of Willis on preferential terms for their clients’ benefit.”

Welcoming Brent Connell and his colleagues to Willis, Allan Gribben, Chief Executive of Willis UK & Ireland, stated: “Through the Willis Commercial Network we have come to know the Jeffries team well. We are impressed by their professionalism, the care they show their clients – many of whom have been with Jeffries for many years – and their teamwork approach.

“Last week Willis announced that it had acquired a majority stake in Coyle Hamilton, Ireland’s largest privately owned insurance broker [See IJ Website Oct. 4]. The addition of Jeffries further strengthens our portfolio and we look forward to its contributions.”

Brent Connell commented: “My colleagues and I have been very pleased to be part of the Willis Commercial Network and this transaction is a natural development of that successful relationship. Willis’ approach of drawing on its global resources to deliver the right solution locally to the client fits our own approach perfectly and will enable us to enhance our service to clients.”

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