Global broker Willis Group Holdings has entered into a contract to purchase the majority of the retail and all the reinsurance business of Chile’s MGT Group. The Company has annualized revenues of approximately $4 million. Terms were not disclosed. The transaction is expected to be completed in the third quarter of 2006.
Willis said: “Founded in 1992 the business has historically focused on providing insurance expertise and employee benefits to corporate clients. MGT’s focus on middle market corporate accounts will complement Willis’ large account capabilities broadening and deepening the service offering. Their employee benefits expertise together with Willis’ will create the market leader. Rafael Tagle will become the managing director of the combined businesses. The separate line of business branded Vivir Mas is not being acquired.”
“MGT Group is a dynamic, fast growing business which complements our own business,” indicated Sarah Turvill, CEO of Willis International. “Under the management of Rafael Tagle, the business has shown rapid growth in market share to now be positioned as a major broker in the local retail market. Together we will be excellently placed to provide our clients and prospects with unrivalled service and through the Willis Group access to international markets.”