Global insurance broker Willis Group Holdings announced that it has agreed to purchase 100 percent of the share capital of Nicon Forsakringsmaklarna AB (Nicon), a property and casualty broker in Southern Sweden which focuses on municipality clients.
Willis said: “Annualized revenue from this transaction is approximately $1.5 million. Terms of the deal, which is expected to be effective January 1, 2006, are not disclosed.”
Willis indicated that it has been “operating in Sweden since 1991 and has offices in Stockholm, Gothenburg, Orebro, Karlstad and Malmoe. Since then the Group has built an excellent reputation across the market and the acquisition of Helsingborg-based Nicon will help reinforce the global broker’s leading position in Sweden.”
Chairman and CEO Joe Plumeri commented: “We continue to seek acquisitions of companies where the nature of the business and the management’s philosophy is complementary with the Willis approach. We have found that in Nicon – in terms of the operations but more importantly in the culture and the people. We look forward to the contributions that our newly combined strengths will bring to our clients and to Willis.”
Jan Magnusson Tranarp, Managing Director of Willis’ Swedish operations noted: “We are extremely pleased to welcome Nicon to the Group. Nicon’s business is an excellent fit with our own operation in Malmoe, increasing the resources we will be able to offer our clients.”
Kenth Nilsson, Managing Director of Nicon Forsakringsmaklarna AB indicated that his agency is “very excited to be joining the Willis Group. The global capabilities, resources and international network of Willis will further enhance the service we offer our clients.”