Willis Re acquires A&H broker
Willis Re has acquired SurePoint Reinsurance Advisors, a professional advisory and reinsurance broking firm that provides specialist services to insurance companies in the employee benefit market, specifically the accident and health (A&H) sector.
The reinsurer said that this acquisition meaningfully expands its 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.
SurePoint was founded in Maine in 2005 by re/insurance industry executives Jim Fallon, Mike Lachance and Rob Fast.
The SurePoint team, who will become Willis Associates, will continue to be based in Portland, ME, under the leadership of Jim Fallon, Mike Lachance and Rob Fast.
Fallon will assume leadership responsibility for Willis Re's North America A&H 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.
The transaction is expected to be completed in the late third or early fourth quarter of 2014.
Jim Bradshaw, chief executive officer 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 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.
“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 and we look forward to welcoming the SurePoint team to the Willis Group."
Jim Fallon, executive vice president, said: "Combining our platform with Willis Re's own expertise and global reach will bring a unique, added dimension to our client offering. We look forward to working closely with our new colleagues to explore ways in which our expanded platform and capabilities can bring our clients truly comprehensive solutions to their reinsurance needs."