Willis Group Holdings Limited said it has entered into anagreement to acquire the majority of the retail and all of thereinsurance business of MGT Group in Santiago, Chile. The separateline 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 ofapproximately $4 million.
|The brokerage said MGT has focused on providing insuranceexpertise and employee benefits to corporate clients.
|Willis added that MGT's focus on middle-market corporateaccounts will complement Willis' large account capabilities,broadening and deepening the services offered.
|MGT's employee benefits expertise together with Willis' willcreate a market leader, the brokerage said.
|Rafael Tagle, a managing director of MGT, will be named themanaging director of the combined businesses. The transaction isexpected to complete in the third quarter of 2006.
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