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WILLIS CORROON GROUP PLC ANNOUNCES ACQUISITION

 NASHVILLE, Tenn., Jan. 12 /PRNewswire/ -- Willis Corroon Group plc (NYSE: WCG) ("Willis"), has completed the acquisition of International Relocation Insurance Services Inc., ("IRIS"), an insurance broker based in Vienna, Va.
 IRIS specializes in the arrangement of international household goods insurance to clients, principally based in the United States, who are undertaking international moves. The company's turnover for the fiscal year ended March 31, 1993 was about $650,000; turnover in the current fiscal year is not expected to be materially different. Following the acquisition, IRIS, which has six employees, will operate in conjunction with Willis Corroon Cargo Limited ("WCCL"), an existing Willis operation based in Kingston upon Thames, England. The principals of IRIS, Warren Bock and David Hoyer, will continue as president and executive vice president, respectively.
 Brian Parncutt, chairman of WCCL, commented: "We have had a close working relationship with Warren and David since they formed their company in 1986, and we are delighted that they will now be part of the Willis Corroon Group. The combination of the businesses makes us the world's largest provider of customers' goods insurance to international household moving companies and we have clients in most continents. Our aim is to develop the US client base with other product lines."
 The consideration for the acquisition is a maximum of $1,825,000 payable in two tranches:
 (a) an initial payment of $575,000 payable immediately in 171,640
 new Willis ordinary shares of 12.5 pence each credited as fully paid
 which will be issued to the IRIS vendors in the form of 34,328
 American Depositary Shares (ADSs) as evidenced by American
 Depositary Receipts (ADRs); and
 (b) a final amount, payable by March 31, 1997 and dependent upon
 average profit levels for the period between Jan. 1, 1994 and
 Dec. 31, 1996, but not exceeding $1.25 million.
 Application has been made to list the new ordinary shares of Willis on the International Stock Exchange in London, and it is expected that the ordinary shares will be admitted to the Official List on Jan. 12, 1994 with dealings commencing on Jan. 13, 1994. Listing will also be sought on the New York and Pacific Stock Exchanges, where the ordinary shares will be listed as ADSs and will be traded as ADRs (ticker WCG). The ordinary shares to be issued will rank pari passu with existing ordinary shares of Willis.
 Willis Corroon Group, one of the world's foremost insurance brokers, has a global network of risk management and loss control specialists developing and delivering professional insurance, reinsurance, financial and human resources services to corporations, public entities, institutional clients and individuals.
 -0- 1/12/94
 /CONTACT: Peter Stevens of Willis Corroon, 011-4471-481-7045; Brian Parncutt, chairman, Willis Corroon Cargo Limited, 011-4481-787-6192; Kim Bradley, 615-872-3083, or Mary Fairchild, 615-872-3044, both of Willis Corroon Group/
 (WCG)


CO: Willis Corroon Group plc; International Relocation Insurance
 Services Inc.; Willis Corroon Cargo Limited ST: Tennessee, Virginia IN: INS SU: TNM


JS-BR -- AT009 -- 0999 01/12/94 13:23 EST
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Publication:PR Newswire
Date:Jan 12, 1994
Words:498
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