Willis acquires 100% stake in Argentine business
by Richard Kilner
Story link: Willis acquires 100% stake in Argentine business
Global insurance broker Willis Group Holdings has announced that it has acquired 100% of the share capital in Herzfeld Willis S.A. (Retail operation) and Willis S.A. (Reinsurance operation) in Argentina.
Ten years ago Willis acquired a 20% stake in insurance broker Herzfeld & Levy and established its presence in Argentina in doing so.
Herzfeld & Levy (renamed Herzfeld Willis S.A.), was joined by Willis S.A., a reinsurance firm in which Willis had a 60% share.
Now Willis has acquired a complete share in both the retail and reinsurance operations because the firm sees excellent growth prospects and aspires to become the leading insurance broker in Argentina, according to Latin America CEO Eugenio Paschoal.
Fabiana Scalone, CEO of Willis Argentina S.A., added that the firm now possessed a dynamic hub of insurance and reinsurance expertise in the country and that by becoming 100% part of Willis customers would benefit from the firm’s global reach and resources.