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.
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