Willis Group Holdings said it has agreed to acquire the business and assets of Reinsurance Consultants and Intermediaries Ltd. (RCI), the reinsurance division of South African insurance broker Glenrand M.I.B. Limited (GMIB).
Terms of the deal were not released.
As part of the transaction, Willis will also acquire GMIB's majority shareholding in Reinsurance Consultants and Intermediaries (Mauritius) Limited. RCI, a reinsurance brokerage firm based in Hyde Park, Johannesburg, has reported annualized total revenue of approximately 31 million rand (approximately $5 million U.S.). The firm has an office in the island nation of Mauritius.
RCI is expected to provide Willis Re with a significant local presence to serve the reinsurance needs of the growing economies of South Africa.
The transaction, which is subject to regulatory approval, is expected to close by the end of the year.
Willis said the acquisition is part of its strategy to enhance its global reinsurance platform and follows closely the recent agreement to establish Willis Gras Savoye Re, which will serve the reinsurance needs of the French and Belgian markets.
RCI's Iain Macindoe will continue to lead the new company as chief executive officer. Warren Neale, managing director of Willis Re, will oversee the new South African operation.
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