Willis Acquires a Leading Swedish Non-Life Insurance Broker.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Willis Group Holdings (NYSE NYSE See: New York Stock Exchange :WSH See Windows Script Host. ), the global insurance broker, today announces that it has agreed to purchase 100% of the share capital of Nicon Forsakringsmaklarna AB (Nicon), a property and casualty broker in Southern Sweden which focuses on municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. clients. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue from this transaction is approximately $1.5 million. Terms of the deal, which is expected to be effective January 1, 2006, are not disclosed. Willis has been operating in Sweden since 1991 and has offices in Stockholm, Gothenburg, Orebro, Karlstad and Malmoe. Since then the Group has built an excellent reputation across the market and the acquisition of Helsingborg-based Nicon will help reinforce the global broker's leading position in Sweden. Joe Plumeri, Chairman and Chief Executive Officer of Willis, said, "We continue to seek acquisitions of companies where the nature of the business and the management's philosophy is complementary with the Willis approach. We have found that in Nicon - in terms of the operations but more importantly in the culture and the people. We look forward to the contributions that our newly combined strengths will bring to our clients and to Willis." Jan Magnusson Tranarp, Managing Director of Willis' Swedish operations said, "We are extremely pleased to welcome Nicon to the Group. Nicon's business is an excellent fit with our own operation in Malmoe, increasing the resources we will be able to offer our clients." Kenth Nilsson, Managing Director of Nicon Forsakringsmaklarna AB, "We are very excited to be joining the Willis Group. The global capabilities, resources and international network of Willis will further enhance the service we offer our clients." Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , risk management, financial and human resource consulting Services Provided Human Resource Consulting firms provides advice to their clients regarding the financial and retirement security, health, productivity, and employment relationships of their global workforce. and actuarial services to corporations, public entities and institutions around the world. With over 300 offices in more than 100 countries, its global team of 15,800 associates serves clients in some 180 countries. Additional information on Willis may be found on its web site www.willis.com. |
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