Willis Re is to acquire the assets of SurePoint Reinsurance Advisors, LLC, a professional advisory and reinsurance broking firm that serves insurance companies in the employee benefit market, specifically the accident and health sector.
The acquisition expands Willis Re’s existing capabilities in the growing accident and health market within North America.
Details of the transaction, which is expected to be completed in late Q3 or early Q4 of 2014, were not disclosed.
Commenting on the transaction, Jim Bradshaw, CEO of Willis Re North America, said: “SurePoint has a very impressive track record in this specialised area of the re/insurance market.”
“Its consistent performance is a testament to its strong management team, the culture they have fostered and the expertise they have built; all of which are extremely attractive to us.”
The SurePoint team, who will become Willis Associates, will continue to be based in Portland, Maine, under the leadership of Jim Fallon, Mike Lachance and Rob Fast.
Fallon will assume leadership responsibility for Willis Re’s North America accident and health segment, Lachance will become branch manager for the new Willis Re Maine office and Fast will “continue to play an integral role in the organisation”.
KPMG Corporate Finance, LLC served as financial advisor to SurePoint.
