Willis Group Holdings has finalised the buy-out of a 20% stake in Herzfeld & Levy, the group's retail operation in Argentina. Upon completion, Willis will have a 60% holding in Herzfeld & Levy. The insurance broker plans to acquire the remaining 40% in 2010. Herzfeld & Levy is one of Argentina's leading insurance brokers. Headquartered in Buenos Aires.
Joe Plumeri, Chairman and CEO of Willis, said: "A key element of our strategy for our International business is, where possible, to secure majority or full control of our operations in growing markets.
"We are excited by our growth prospects in Argentina, which is emerging from recent economic difficulties. Moreover, we have ambitious expansion plans for Latin America as a whole and are confident we can achieve significant growth in both Argentina and the wider Latin America region."
Roberto Herzfeld, who will continue as Managing Director of Herzfeld & Levy, said: "Our relationship with Willis was developed through our shared values and reputation for the highest levels of integrity in the market. My colleagues and I are now delighted to become more closely integrated with Willis, the world's most dynamic and best performing global broker of recent years. Willis' glocal approach - global resources delivered locally through superb client service - fits our own culture very well and we are excited by the expanded opportunities available to us from this transaction."
