Insurance broker Willis acquires PI broker
Willis Group Holdings Plc, the global risk adviser and insurance broker, has announced an agreement to acquire leaking UK based professional indemnity insurance broker PPH Limited and its subsidiary Prime Professions Limited (together referred to as Prime Professions).
Prime Professions is one of the leading specialist brokers in the field of professional indemnity insurance.
The firm represents around 1,000 solicitors firms in the UK. Steve Hearn, Willis Group Deputy CEO and Chairman and CEO of Willis Global, said: “The acquisition of Prime Professions represents a big growth opportunity for Willis Limited in the professional indemnity insurance space.
“Through organic growth and targeted mergers and acquisitions activity, we are continually seeking to grow our capabilities and reach so that we are in a better position to serve our clients’ interests.
“Combining our strengths as a major global broker with Prime Professions’ specialist expertise and unique market insights will significantly enhance our capabilities and market share in this area.”
Current Director and Head of Risk Solutions at Prime Professions, Martin Ellis will lead Willis’ UK professional indemnity practice following completion of the acquisition,
Mr Ellis said of the acquisition: “We are delighted to become part of Willis’ highly successful FINEX division, bringing together some of the best professional indemnity insurance practitioners in the market and combining the strengths of a global broker with a commitment to providing a highly personal service to our clients.
“Willis’ powerful international network and global reach will assist us with servicing our clients who have ambitious overseas growth plans. We look forward to a truly exciting future.”