Willis Group Holdings announced two acquisitions aimed at strengthening the international broker’s presence in the Latin American market. Willis has acquired both JH Asesores y Corredores de Seguros S.A. (JHA), a leading broker in Lima, Peru, and K.R. Athos Consultoria e Corretora de Seguro de Vida s/c Ltda (Athos), an employee benefits company in Sao Paulo, Brazil.
Willis said: “Terms of the deals are not disclosed and the JHA deal is subject to Peruvian regulatory approval. Annualized revenue from these transactions total approximately $5.2 million.”
Willis indicated that it has “been working closely with JHA, one of the largest brokers in Peru, on a correspondent basis since 2001. This acquisition is not only consistent with the Company’s global strategy – global resources combined with local delivery and service – but also is a natural progression of the business relationship the companies established and have grown since 2001. As part of the agreement, Willis will also acquire JHA’s reinsurance operation, JH Corredores de Reaseguros S.A.”
With the acquisition of Athos Willis noted that it has “doubled the size of its employee benefits unit in Sao Paulo. Employee benefits is the fastest growing broking sector in Brazil and this acquisition will provide a major boost to our profile in this key area.”
Chairman and CEO Joe Plumeri commented: “Peru is one of the fastest growing insurance markets in Latin America and with the great relationship we already have with JHA and the strong benefits offerings Athos brings to our existing operation in Brazil, these two acquisitions make a lot of sense for us. Bringing these two strong companies into Willis will allow us to bring our unique brand of global service – global resources delivered locally with high-touch service – to the region.”
Sarah Turvill, Chief Executive of Willis International Holdings noted: “Over the last few years, we have been strengthening our businesses and gaining market share throughout Latin America. Making a strong push in this growing market, we decided to enhance and increase our client offerings with two targeted acquisitions. These two companies add to the local strength we are able to deliver to clients across a range of insurance needs.”
Jaime Herrera, Chief Executive Officer of JHA and the future Managing Director of Willis Peru, stated: “After working with Willis for the past four years we have found that our complementary strengths make a winning combination. Now that we are to be fully part of Willis, we will be better equipped to service clients and continue to grow.”