Willis Group Holdings announced that it 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 UK based professional indemnity insurance broker.
Terms of the transaction were not disclosed, and its completion is subject to regulatory approval.
Willis noted that Prime Professions, formed in 2006, has become a well established specialist broker in the field of professional indemnity insurance. Its clients “range from small and medium size professional service firms to large global organizations.” They cover the “full spectrum of professional services including accountancy, financial services, legal, property and construction.” Prime Professions also specializes in covering the legal profession, “representing around 1,000 firms throughout the United Kingdom, including many of the top-100 legal firms.”
The firm employs a team of 50 professional indemnity experts. Top of the list is Martin Ellis, Director and Head of Risk Solutions. Following completion of the acquisition, he “will lead Willis’ UK professional indemnity practice,” said the announcement.
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Steve Hearn, Willis Group Deputy CEO and Chairman and CEO of Willis Global, commented: “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.”
Roland Avery, Chairman of Willis’ financial and executive risks practice, FINEX, noted: “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 optimize and tailor the range of risk transfer solutions that we are able to offer our clients.”
Ellis indicated his delight at joining Willis’ FINEX division, adding that the deal would bring together “some of the best professional indemnity insurance practitioners in the market, and would combine 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.”
Source: Willis Group Holdings plc
Topics Mergers & Acquisitions Agencies
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