|
|
November
2008 COMPANY DEVELOPMENTS |
|
Willis Completes Acquisition of Hilb Rogal & Hobbs Global insurance broker Willis Group Holdings Limited has completed its US$2.1 billion acquisition of Hilb Rogal & Hobbs Company (HRH), one of the world’s largest insurance and risk management intermediaries, in a move that doubles Willis’ revenues and geographic presence in North America and strengthens its key practice areas. The addition of HRH expands Willis’ local presence from 70 to 210 locations in North America and builds on the company’s position in a number of important US markets. Willis is now among the top three brokers in 15 of the 20 largest US markets, up from only five of those markets previously. The acquisition also expands the company’s middle-market and large-account presence, more than doubles its North American employee benefit revenues and triples its personal lines business. Outside North America, the combination reinforces Willis’ position in the London market. In particular, the addition of HRH’s Glencairn business, which will operate under its existing name as part of the newly formed Faber & Dumas entity, creates a new capability and growth opportunity for the company as a third-party wholesale broker.
Two New Member
Firms Median – Corretores de Seguros, S.A. has joined IBN to represent Portugal. Founded in 1974, this is a Portuguese-owned company entirely independent of financial groups or other institutions. The founder, Abilio Almeida-Santos, started his professional career with the Phoenix Assurance office in Lisbon and was later the representative of Johnson & Higgins. The main IBN contact is João Almeida-Santos. The company provides employee benefit consulting services, including claims administration and multinational pooling. It also provides commercial insurance (property casualty). Tennant Life Benefits has joined IBN to represent South Africa. The company provides personal and corporate financial services, such as group retirement fund administration and consulting, financial planning and training. Actuarial services are provided through a wholly-owned subsidiary, Genesis Actuarial Solutions. Rob Davey is the main international contact. IBIS
Advisors Expands into Latin America IBIS Advisors Co. has announced the opening of its Mexican affiliate, IBIS Advisors México, S.A. de C.V. Based in Mexico City, the new company will be focused on the full range of human resources consulting. Rodrigo Quezada is Managing Director. He brings more than 15 years’ experience in developing health-care and wellness solutions for large clients, with a view to achieving cost containment, employee retention and enhanced productivity. Before joining IBIS, Mr Quezada held senior benefits consulting positions at both Mercer and Willis in Mexico. Practique Announces Strategic Partnership with OpenSymmetry Practique, a provider of enterprise incentive compensation management software solutions, has signed a strategic alliance with OpenSymmetry, an independent consultancy specializing in all aspects of sales performance management. The agreement will serve to strengthen Practique’s delivery capability in Europe and North America, reinforcing its commitment to its partner network. Practique operates in Europe as a wholly-owned subsidiary of Merced Systems. INCA, its incentive compensation management software, is known as MIM in the United States. Watson Wyatt Lausanne Opens Office in Switzerland Watson Wyatt has opened a representation office in Lausanne in order to establish a presence in French-speaking Switzerland, the region being home to a number of leading multinationals and other important organizations. The Lausanne office will focus on developing and maintaining client relationships in the region across its different areas of business, with support from the firm’s other network offices in Zurich and elsewhere. The development of the new office will be led by Isabelle Amschwand-Pilloud, a lawyer and senior consultant who has been with the firm since 2007. Watson Wyatt’s global services include managing the cost and effectiveness of employee benefit programmes; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice for insurance and financial services companies; and delivering related technology, outsourcing and data services. The firm has 7,000 associates in 32 countries. |
 |
 |
 |
 |
 |
 |
|