Client portfolio expands by 30% following Prime Risk Solutions acquisition in April 2013
London, UK, January 6, 2014 – The UK Legal Services Practice of Willis Group Holdings (NYSE: WSH), the global risk adviser, insurance and reinsurance broker, has increased its market share of the Solicitors’ Professional Indemnity Insurance (PII) market by around 30% following the acquisition of Prime Risk Solutions and a very successful Professional Indemnity (PI) renewal season.
Willis’s UK Legal Services Practice, part of the Financial and Executive Risks (FINEX) Global PI division, is now firmly established as the leading broker in this sector with a portfolio of more than 1,200 clients ranging from sole practitioners to Magic Circle global firms. Its success, achieved during a particularly challenging renewal season for the UK Solicitors’ PII market, has been equally attributed to a strong growth in new business and high retention rates.
Commenting on the successful renewal season, Martin Ellis, UK PI Practice Leader said: “The 2013 renewal season was particularly challenging and everyone involved from our London and Leeds offices should be rightly proud of what we’ve accomplished in Prime's first year at Willis. The support from the rest of the Willis FINEX Global team has been fantastic and we aim to build on this success in the years to come.”
Roland Avery, Chairman of FINEX Global added: “The purchase of Prime was an important strategic acquisition for Willis as we focus on growing our capability and market share in the Professional Services sector. The quality and professionalism of the Prime team, coupled with a strong cultural fit were critical to the acquisition. I am delighted that the team has made such an impressive start and integrated so well with their colleagues at Willis.”
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