Finance / United States
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Willis In US$2.1bn 'Mega-Merger'
June 2008 | Top StoriesSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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In a bid that could prompt a raft of consolidation in the insurance industry, British insurer Willis Group Holdings Ltd has agreed to buy Hilb Rogal & Hobbs (HR&H) in a US$2.1bn deal. Willis' Chairman and CEO Joseph J Plumeri said of the deal, 'These days in our sector there's been a lot of retrenching…but we've tried to go against the grain, and we're growing'. Willis' offer was comprised of US$46 a share in cash and stock, plus US$49mn in debt.