Willis UK Exec Announces Growth Plans

by Stewart Douglas

Story link: Willis UK Exec Announces Growth Plans

The Willis Group has today suggested it looks to continue the expansion of its network with a statement from the chief executive of its UK and Ireland divisions saying the company would look to drive growth over 2008.

The significant insurance group, which sells across the world, was said to be looking to continue its strong growth throughout the UK and further into Europe, following the first interview delivered by new executive Brendan McManus since his appointment.

McManus today suggested that the company would continue its aggressive acquisitions strategy, looking to leverage the implications of capital gains tax changes by luring companies from larger groups that may fall out of favour in the coming months.

It is thought that much of the growth will be diverted to expanding the Willis Commercial Network, which it is thought will be largely motored by further group acquisitions it is currently scouting at present.

The Willis Commercial Network has been expanding strongly over the last few years, and currently holds 74 subsidiary companies. However it is suggested that the expansion will look to almost double the portfolio of the division, taking it more up to the realm to 150 holdings.

Speaking today, Willis said it would be looking to make acquisitions of more small scale insurance brokers, as well as some from parent companies fearing a buyer’s market in the industry.

“We expect to pick up new members from Broker Network. Their membership has been sold on. The emotional contract has been broken”, said McManus on the planned growth.

“It gives us a huge advantage. We are not going to sell our network”, he added, in support of the proposed continuation of acquisitions across the industry.