Willis Group Holdings Ltd. has signed a definitive agreement to acquire PRIMARY Worldwide Corporation, an insurance broker based in Los Gatos, California.
With annual revenues of approximately $4 million, PRIMARY provides group benefits insurance brokerage and human resources consulting and outsourcing services for middle-market companies in California. The transaction is expected to close in the first quarter, subject to certain customary conditions. Terms were not disclosed.
With strong capabilities in the placement and management of employee benefits plans and human resources outsourcing and administration, PRIMARY’s employees are reportedly well-versed in meeting the diverse needs and demands of business today. Innovations in the delivery of outsourcing services have added to the firm’s strong client loyalty. PRIMARY’s client base includes many technology leaders located in the Bay Area.
“Over the last few years, we have made a series of investments in our Employee Benefits Practice – new leadership, new Associates adding great resources and new technological capabilities,” said Joe Plumeri, chairman and CEO of Willis. “Today, our acquisition of PRIMARY is yet another demonstration of our commitment to grow this unit. With a strong sales initiative, a spirited, entrepreneurial team of employees and a dedication to client service, PRIMARY is a perfect fit with Willis and I welcome Dan White, CEO and president, along with his colleagues, to the Willis family.
“This acquisition also represents our commitment to grow our business in the western region of the United States,” Plumeri continued. “It started with our acquisition of Goldman Insurance Services in San Francisco in 2001 and includes acquisitions in San Diego; new office CEOs in Los Angeles, Seattle and Eugene; new offices opened in Denver and Las Vegas and, most recently, Arlene Corsetti joining us to lead our efforts across this significant area of the country.”
White and PRIMARY’s employees will join with Willis’ Mountain View office under the leadership of Timothy McGrath.