Willis Group Holdings Limited, the global insurance broker, announced today the stock acquisition of International Insurance Brokers, Inc.
Located in Staten Island, N.Y., International Insurance Brokers is a specialized broker serving the needs of the armored car and check-cashing industries. Annualized revenues from International Insurance Brokers were approximately $2 million. This transaction is expected to close in January 2006; terms are not disclosed.
“The acquisition of International Insurance Brokers underscores our strategy of reinforcing our position in existing businesses in order to foster continued growth,” said Joe Plumeri, chairman and chief executive officer of Willis.