Willis Group Holdings and American Wholesale Insurance Group Inc. (AmWINS) reported the closing of the previously announced acquisition by AmWINS of Stewart Smith Group, Willis’ U.S. wholesale unit. Terms of the transaction were not disclosed.
“We are pleased that in American Wholesale we have found a company and a management team committed to continuing to grow this line of business,” said Joe Plumeri, Willis Group chairman and CEO. “Our divesting Stewart Smith is consistent with staying true to our mission of focusing our attention and resources on growing our core retail operations.”
“Bringing together Stewart Smith with our existing brokerage operation makes great sense,” added M. Steven DeCarlo, AmWINS president and CEO. “This transaction continues what we started almost three years ago – providing solutions exclusively to retail agents and brokers. The difference now: we have broader geographic presence, expanded people power, practice teams, and a well established and trusted trading relationship with brokers across the country.”