LONDON, Jan. 6, 2014 (GLOBE NEWSWIRE) -- The UK Legal Services Practice of Willis Group Holdings (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, has increased its market share of the Solicitors' Professional Indemnity Insurance (PII) market by around 30% following the acquisition of Prime Risk Solutions and a very successful Professional Indemnity (PI) renewal season.
Willis's UK Legal Services Practice, part of the Financial and Executive Risks (FINEX) Global PI division, is now firmly established as the leading broker in this sector with a portfolio of more than 1,200 clients ranging from sole practitioners to Magic Circle global firms. Its success, achieved during a particularly challenging renewal season for the UK Solicitors' PII market, has been equally attributed to a strong growth in new business and high retention rates.
Commenting on the successful renewal season, Martin Ellis, UK PI Practice Leader said: "The 2013 renewal season was particularly challenging and everyone involved from our London and Leeds offices should be rightly proud of what we've accomplished in Prime's first year at Willis. The support from the rest of the Willis FINEX Global team has been fantastic and we aim to build on this success in the years to come."
Roland Avery, Chairman of FINEX Global added: "The purchase of Prime was an important strategic acquisition for Willis as we focus on growing our capability and market share in the Professional Services sector. The quality and professionalism of the Prime team, coupled with a strong cultural fit were critical to the acquisition. I am delighted that the team has made such an impressive start and integrated so well with their colleagues at Willis."
Willis Group Holdings plc is a leading global risk adviser, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,500 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,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.