Global insurance broker Willis Group Holdings announced the purchase of the business portfolio of Hong Kong-based insurance broker The Grande Insurance Broker Limited. Terms of the transaction were not disclosed.
Willis said it has “assumed responsibility and control of the business with immediate effect. The integration of the business will be completed by November 1, 2004, at which time all Grande staff will have transferred to Willis offices at Lee Gardens, Hong Kong.”
The Grande Insurance Brokers Limited is a Hong Kong licensed general insurance broker serving middle market corporate clients, particularly in the financial and professional risk sectors. It has annual revenues of around HK$5,500,000 (US$700,000).
Welcoming the Grande team to Willis, Chairman and CEO Joe Plumeri commented: “This acquisition reflects our commitment to expanding in Asia, where we see excellent opportunities for growth. Following recent regulatory approval for our Chinese joint venture, Willis Pudong Insurance Brokers, to operate throughout China, Willis is now the fastest growing international insurance broker in the Greater China area and we will continue to seek further opportunities for expansion in the region, including via acquisition”.