Global insurance broker, Willis Group Holdings, announced the purchase of the business of the insurance broker Maisterrena Asesores, Agente de Seguros y De Fianzas, SA de CV.
The terms of the transaction were not disclosed.
Willis’ announcement described Maisterrena as “a general insurance broker based in Monterrey, Mexico serving mainly middle market corporate clients. It has annual revenues of around MXP 10,300,000 (US$ 900,000).” It indicated that Willis “has assumed responsibility and control of the business, which will be integrated with Willis’ operations in Monterrey.”
Welcoming the Maisterrena team to Willis, Chairman and CEO Joe Plumeri commented: “This acquisition reflects our commitment to expanding in Latin America where we see significant opportunities for growth. Monterrey is one of Mexico’s three major economic centers and this acquisition will give us a strong presence in this strategic city. We look forward to working with Fermin Maisterrena in this important market to build upon the solid business foundations that he has established over the last 35 years.”