Willis Group Holdings Plc, the global risk adviser and insurance broker, has further enhanced its offering in the executive risk market by agreeing to acquire, through its subsidiary Willis Limited, PPH Limited and its subsidiary Prime Professions Limited (together referred to as Prime Professions), a leading UK based professional indemnity insurance broker. Completion of the transaction is subject to regulatory approval.
Since its formation in 2006, Prime Professions has firmly established itself as one of the leading specialist brokers in the field of professional indemnity insurance.
Prime Professions' clients range from small and medium size professional service firms to large global organisations. These clients cover the full spectrum of professional services including accountancy, financial services, legal, property and construction. Prime Professions is also a market leader for solicitors representing around 1,000 firms throughout the United Kingdom, including many of the top-100 legal firms.
Prime Professions employs a highly respected team of 50 professional indemnity experts, including Martin Ellis, Director and Head of Risk Solutions. Following completion of the acquisition, Martin Ellis will lead Willis' UK professional indemnity practice.
Commenting on the deal, 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."
Roland Avery, Chairman of Willis' financial and executive risks practice, FINEX, said: "Willis already represents a number of the largest international professional service firms in the world and the acquisition of Prime Professions will considerably enrich our risk management capabilities and specialist insurance market knowledge. This will help us to optimise and tailor the range of risk transfer solutions that we are able to offer our clients."
Martin Ellis, Director and Head of Risk Solutions at Prime Professions, said: "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."
Terms of the transaction were not disclosed.