Willis Group Holdings Acquires Prime Professions Ltd., a Leading Provider of
Professional Indemnity Risk Management Services
The acquisition represents a big growth opportunity for Willis Limited in the
professional indemnity insurance space
LONDON, UK, April 2, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Willis Group
Holdings Plc (NYSE: WSH), the global risk adviser and insurance broker, has
further enhanced its offering in the executive risk market by agreeing to
acquire, through its subsidiary Willis Limited, PPH Limited and its subsidiary
Prime Professions Limited (together referred to as Prime Professions), a
leading UK based professional indemnity insurance broker. Completion of the
transaction is subject to regulatory approval.
Since its formation in 2006, Prime Professions has firmly established itself
as one of the leading specialist brokers in the field of professional
Prime Professions' clients range from small and medium size professional
service firms to large global organisations. These clients cover the full
spectrum of professional services including accountancy, financial services,
legal, property and construction. Prime Professions is also a market leader
for solicitors representing around 1,000 firms throughout the United Kingdom,
including many of the top-100 legal firms.
Prime Professions employs a highly respected team of 50 professional indemnity
experts, including Martin Ellis, Director and Head of Risk Solutions.
Following completion of the acquisition, Martin Ellis will lead Willis' UK
professional indemnity practice.
Commenting on the deal, Steve Hearn, Willis Group Deputy CEO and Chairman and
CEO of Willis Global, said: "The acquisition of Prime Professions represents a
big growth opportunity for Willis Limited in the professional indemnity
insurance space. Through organic growth and targeted mergers and acquisitions
activity, we are continually seeking to grow our capabilities and reach so
that we are in a better position to serve our clients' interests. Combining
our strengths as a major global broker with Prime Professions' specialist
expertise and unique market insights will significantly enhance our
capabilities and market share in this area."
Roland Avery, Chairman of Willis' financial and executive risks practice,
FINEX, said: "Willis already represents a number of the largest international
professional service firms in the world and the acquisition of Prime
Professions will considerably enrich our risk management capabilities and
specialist insurance market knowledge. This will help us to optimise and
tailor the range of risk transfer solutions that we are able to offer our
Martin Ellis, Director and Head of Risk Solutions at Prime Professions, said:
"We are delighted to become part of Willis' highly successful FINEX division,
bringing together some of the best professional indemnity insurance
practitioners in the market and combining the strengths of a global broker
with a commitment to providing a highly personal service to our clients.
Willis' powerful international network and global reach will assist us with
servicing our clients who have ambitious overseas growth plans. We look
forward to a truly exciting future."
Terms of the transaction were not disclosed.
Willis Group Holdings plc is a leading global risk advisor, insurance and
reinsurance broker. With roots dating to 1828, Willis operates today on every
continent with more than 17,000 employees in over 400 offices. Willis offers
its clients superior expertise, teamwork, innovation and market-leading
products and professional services in risk management and transfer. Our
experts rank among the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and extreme
events. Find more information at our website, http://www.willis.com, our
leadership journal, Resilience, or our up-to-the-minute blog on breaking news,
WillisWire. Across geographies, industries and specialisms, Willis provides
its local and multinational clients with resilience for a risky world.
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CONTACT: Willis Global - Media Inquiries
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