Willis increases market share

Willis increases market share

The UK Legal Services Practice of Willis Group Holdings (NYSE: WSH), the global risk adviser, insurance and reinsurance broker, has announced that it has increased its market share of the Solicitors’ Professional Indemnity Insurance (PII) market.

The firm has seen an increase in business of around 30% following the acquisition of Prime Risk Solutions and a successful Professional Indemnity (PI) renewal season.

Willis’s UK Legal Services Practice, part of the Financial and Executive Risks (FINEX) Global PI division, now has a portfolio of more than 1,200 clients.

The firm puts its success down to the challenging renewal season for the UK Solicitors’ PII market, which has been attributed to a strong growth in new business and high retention rates.

Martin Ellis, UK PI Practice Leader said: “The 2013 renewal season was particularly challenging and everyone involved from our London and Leeds offices should be rightly proud of what we’ve accomplished in Prime’s first year at Willis.

“The support from the rest of the Willis FINEX Global team has been fantastic and we aim to build on this success in the years to come.”

Roland Avery, Chairman, FINEX Global added: “The purchase of Prime was an important strategic acquisition for Willis as we focus on growing our capability and market share in the Professional Services sector.

“The quality and professionalism of the Prime team, coupled with a strong cultural fit were critical to the acquisition. I am delighted that the team has made such an impressive start and integrated so well with their colleagues at Willis.”

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