Willis Corroon Expands Group Interests In Italy

Willis Corroon Group plc (WCG) has signed an agreement to acquire a 50% shareholding in the leading Italian insurance broker Gruppo Ital Brokers, comprising principally Ital Brokers S.p.A. and Interconsult Wise S.r.l. Following a subsequent merger between Ital Brokers and UTA Willis Corroon S.p.A, WCG's associate in Italy, WCG will own 50% of the combined operation, which will be consolidated as a subsidiary in WCG's accounts. The Gruppo Ital Brokers and the Italian shareholders in UTA Willis Corroon will hold 25% each of the combined operation.

The new company, to be named Willis Corroon Italia S.p.A., will rank in the top three insurance and risk management groups in Italy, handling premiums of some Lit. 600 billion with annual net revenues of approximately Lit. 66bn. The new entity will employ over 250 people and will have its principal offices in Rome, Milan, Genoa and Turin.

The founding partners of both companies remain as shareholder directors of the newly enlarged group. It is expected that completion of the acquisition, which is subject to final satisfactory due diligence and to the approval of the Italian regulatory authorities, will take place before the end of July.

John Reeve, executive chairman of WCG, says, "We are very pleased to have reached this agreement with the management and shareholders of both Gruppo Ital Brokers and UTA Willis Corroon. This will create one of the largest insurance brokers in Italy, and represents a further important step in the implementation of our strategy to secure a leading position in the key markets in which we operate. In continental Europe we have now achieved such positions in France, Germany, Italy, Spain and Scandinavia, enhancing our retail presence and consolidating the substantial shares of business from those important countries already handled by our UK-based speciality units.''