In a move, which it described as designed to “strengthen its standing as one of the leading global brokers in Asia,” Willis Group Holdings announced that it has “increased its shareholding in its Malaysian business, Willis (Malaysia) Sdn. Bhd, from 30 percent to 49 percent through the acquisition by Willis Europe BV of a further 19 percent equity stake from joint venture partner Sindora Berhad.”
Willis entered Malaysia in 1981 through a joint venture. The broker noted that as part of the current deal, it has “bought out Sindora’s shares and will be operating in partnership with Abdullah Zahid, the Managing Director of Willis Malaysia, who now owns 51 percent of the company.”
He has been a Director of Willis since 1991, and has 25 years of experience in the insurance industry. He is also an associate of the Chartered Insurance Institute.
Roger Wilkinson, CEO of Willis Asia, commented: “By partnering with Abdullah, one of the most respected people in the industry, we have gained the local knowledge and expertise necessary to achieve double-digit growth and position Willis as the leading broker in Malaysia. We are committed to expanding our footprint and business in Asia, and we’re confident we have a strong growth engine in Malaysia that will help us do that.”
Zahid noted that clients in Malaysia would “enjoy the benefit of excellent service from an experienced local team of brokers, backed up by the extensive global resources of Willis Group. This is important for the fast-growing domestic market, but also critical for companies looking to expand into international markets.”
Willis Malaysia has 70 Associates located in three offices in Kuala Lumpur, Johor Bahru and Kota Kinabalu. The company operates as an insurance broker for direct insurance, takaful, reinsurance and retakaful businesses.
Source: Willis Group Holdings – www.willis.com