Global insurance broker Willis Group Holdings said it has acquired 100 percent of Willis Kft, its joint-venture operation in Hungary, by purchasing the 20 percent stake of its local broker partner, Erix.
The deal was completed on June 30, 2008. Terms were not disclosed.
In 1997, Willis sold 20 percent of Willis Kft to Erix, which took over management of Willis’ Hungarian operation. This transaction returns to Willis complete ownership and management control of its Hungary operations.
Doug Pritchard, managing director for Willis Czech Republic and Slovakia, has been appointed managing director of the new, wholly owned Willis Kft and will continue to be based in Prague.
Source: Willis Group Holdings