Posted on 17 Apr 2009
Willis Group Holdings Ltd. has exited the U.S. wholesale insurance market, selling Bliss & Glennon Inc. to Jacksonville, Florida-based Fortegra Financial Corp.
Bliss & Glennon, based in Redondo Beach, California was purchased from Willis HRH Inc. for an disclosed sum. Willis acquired Bliss & Glennon with last year's $2.1 billion buyout of Hilb Rogal & Hobbs Co.
"We decided to look for a new home for Bliss & Glennon because it did not fit with our long-term strategy to focus our attention and resources on our retail brokerage business in the U.S.," Joe Plumeri, chairman and chief executive officer of Willis, said in a statement.
Bliss & Glennon reported gross 2007 revenues of $37 million.