WILLIS CORROON GROUP DEVELOPS IN CANADA
WILLIS CORROON GROUP DEVELOPS IN CANADA NASHVILLE, Tenn., Jan. 28 /PRNewswire/ -- Willis Corroon Group plc.,
(WCIC), one of the world's leading insurance intermediaries, has continued its international development with the acquisition of 100 percent of Richards, Melling Inc., one of the largest insurance broking groups in Canada.
Richards, Melling, which is based in Montreal and was founded in 1929, has 240 employees in 14 offices throughout Canada. In 1991 it generated revenues of some C$16.5 million. As a part of the Willis Corroon Group the company will be re-styled Willis Corroon Melling and will operate within the Group's direct risk management and insurance broking business unit, Willis Corroon. Fred Melling, who has led the firm since 1967, will continue as President and Chief Executive Officer; John Wooderson, Chairman of Willis Corroon Americas, will serve as Chairman. The total consideration for the acquisition is 8.3 million pounds sterling, to be satisfied by a cash payment of C$14,735,000 and by the issue of 371,886 Class A Preferred and 191,694 Class B Preferred Shares in the Group's Canadian holding company. These Preferred Shares may be converted, in certain circumstances and until 2002, into a maximum of 563,580 fully-paid ordinary shares of Willis Corroon Group plc. In a joint statement, Roger Elliott, Executive Chairman of
Willis Corroon Group plc., and Richard Miller, Chief Executive, said: "A prime objective of the Group has been the completion of a worldwide network of offices through which, by participation in ownership and management, we could provide and control a full global service to our multinational clients. A number of recent announcements have demonstrated our achievement of this objective in continental Europe, and in Richards, Melling we have the consolidation of another key link. The Group has many clients with interests in Canada and we know we now have the right team to serve those interests with the same regard to high quality and professionalism that characterizes the approach of our entire Group."
In a further comment, Fred Melling said: "My colleagues and I are delighted that the expansion of our company which we initiated in the late 1970's has been crowned by this investment in us by the Willis Corroon Group, which brings to us the international strength which will enable us to take the next step in our development in Canada. At the same time we look forward to working with the Canadian interests of the Group's clients from the USA, the United Kingdom and elsewhere. The people and skills of the Group offer all our staff a tremendous opportunity which I am confident they will grasp in order to make Willis Corroon Melling a broker second to none in Canada." The Willis Corroon Group, one of the world's foremost insurance and reinsurance broking organizations, has a global network of risk management and loss control specialists developing and delivering professional insurance, reinsurance, financial, human resources consulting and actuarial services to corporations, public entities, institutional clients, and individuals. Since October 1990 the Group has established itself in a number of countries on the continent of Europe -- Spain, Sweden, France, Italy, the Netherlands, Denmark, Russia, Czechoslovakia -- and elsewhere, including Australia, New Zealand, Japan, South Korea, and Peru, as well as further building its office network throughout the USA. -0- 1/28/92 /CONTACT: Mary E. Florey, Corporate Communications, Willis Corroon Corporation, 615-872-3000/ CO: Willis Corroon Corporation; Willis Corroon Group plc ST: New York IN: INS SU: TNM
JZ -- CHOO9 -- 4243 01/28/92 12:24 EST
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|Date:||Jan 28, 1992|
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