Global insurance broker Willis Group Holdings Limited has entered into a contract to purchase Link Forsikringsmegling AS, described as “the leading insurance broking and employee benefit business in Oslo” with annualized revenues for 2005 of approximately $5 million.
Further terms were not disclosed. The transaction is expected to be completed in the third quarter of 2006.
Willis noted that Link was founded in 1997 under the leadership of Kjell Fossli. It “provides insurance expertise and employee benefits to corporate clients. Its client relationships range from large clients particularly in the energy sector to middle market domestic business.”
“Link has grown rapidly since its incorporation through focusing on delivering specialist advice and excellent service to secure long-term client relationships,” stated Sarah Turvill, CEO of Willis International. “We believe that the Link model complements our own and look forward to continuing and developing these relationships. Together we will be well-positioned to provide clients and prospects with unrivalled service and through the Willis Group access to international markets.”
Fossli, Link’s Chairman, commented: “Our significant growth has resulted in us now reaching a point in our development where our clients are best served by us joining forces with a global broker of the reputation of Willis with access to international resources whilst retaining the local approach. We are excited about the opportunities ahead.”