LONDON, Jan. 29, 2015 (GLOBE NEWSWIRE) -- Willis Group Holdings (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, announced today that leading Scottish independent broker, Clark Thomson Insurance Brokers Ltd (CTIB), has agreed to join Willis Commercial Network (WCN) in a deal that includes the purchase of Willis's Commercial business unit in Scotland, which focuses on small and medium sized enterprises (SME).
With fifty years of experience in commercial insurance broking and a focus on SME business, CTIB is Scotland's largest independent insurance broker and the newly expanded business will have eleven offices across Scotland.
The purchase of Willis's Commercial business unit in Scotland is subject to the satisfaction of certain conditions in the Asset Purchase Agreement, scheduled to complete in April 2015. Active trading by Clark Thomson within WCN is due to commence following the satisfaction of those conditions.
Sara Fardon, Managing Director of WCN, said: "It is with great pleasure that we welcome Clark Thomson Insurance Brokers into Willis Commercial Network. They join an active network in Scotland and we look forward to working closely with them."
Alex Moore, Head of Willis GB's Retail Network added: "This transaction supports our strategy in Great Britain which is to firmly focus on servicing the corporate market directly, and the small and medium sized business sector through Willis Commercial Network."
Ben Bailey, Managing Director of Clark Thomson, said: "I am delighted that we have made this acquisition. The strength of our combined businesses together with our membership of the Willis Commercial Network will ensure clients receive the depth of resources available to a global broker whilst also benefitting from the flexibility and local service capabilities demanded by the SME sector."
Following a strategic review, Willis sold its SME commercial account in England to network member Chesham Insurance in October 2013 and in December 2014 Allianz Business Services Limited purchased Willis's micro and SME business, Businesscare, and joined WCN.
Established in 1965, CTIB is one of Scotland's leading independent insurance brokers, specialising in both private and commercial insurance.
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 18,000 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,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.
Notes to Editors
- Willis Networks represents a thriving partnership between independent UK insurance brokers, the Willis Group and a panel of leading insurers.
- Network members are independent general insurance brokers of any size handling predominantly commercial lines business.
- Established in 1999, Willis Networks has grown steadily, extending into Scotland and Northern Ireland, and today comprises more than 115 members.
Source:Willis Group Holdings