Willis Group Holdings Limited said it has entered into an agreement to acquire the majority of the retail and all of the reinsurance business of MGT Group in Santiago, Chile. The separate line of business branded Vivir Mas is not being acquired.
Terms of the deal were not released.
Willis, out of New York, said MGT has annualized revenues of approximately $4 million.
The brokerage said MGT has focused on providing insurance expertise and employee benefits to corporate clients.
Willis added that MGT's focus on middle-market corporate accounts will complement Willis' large account capabilities, broadening and deepening the services offered.
MGT's employee benefits expertise together with Willis' will create a market leader, the brokerage said.
Rafael Tagle, a managing director of MGT, will be named the managing director of the combined businesses. The transaction is expected to complete in the third quarter of 2006.
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