Willis Re acquires Maine-based accident and health reinsurance broker
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Willis Re Inc., the North American reinsurance business of Willis Group Holdings P.L.C., will acquire Portland, Maine-based reinsurance broker SurePoint Reinsurance Advisors L.L.C., Willis said Thursday.
Terms of the transaction, expected to be completed in the late third or early fourth quarter of 2014, were not disclosed, said Willis in a statement announcing the deal.
SurePoint, which focuses on the employee benefit market, specifically the accident and health sector, “meaningfully expands Willis Re’s existing capabilities in the growing A&H market within North America, providing an enhanced offering to its clients through the addition of a well-respected and high quality team of experts,” Willis said in its statement.
SurePoint was founded in Maine in 2005 by reinsurance and insurance industry executives Jim Fallon, Mike Lachance and Rob Fast, who along with the SurePoint team will become Willis associates and remain in Portland under Messrs. Fallon, Lachance and Fast. Mr. Fallon will lead Willis Re’s North America A&H segment and Mr. Lachance will become branch manager for the new Willis Re office in Maine.
“SurePoint has a very impressive track record in this specialized area of the re/insurance market. Bringing their expertise to Willis Re, complementing and building on our existing capabilities in the A&H arena, will provide an even more compelling offering for our clients and prospects in this space,” Jim Bradshaw, CEO Willis Re North America, said in the statement.
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