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Clark Thomson Insurance Brokers Ltd. will acquire Willis Group Holdings P.L.C.’s commercial business unit in Scotland, Willis and Clark Thomson announced Thursday.
Willis declined through a spokesman to disclose the financial terms of the deal.
Perth, Scotland-based Clark Thomson, which is the largest independent broker in Scotland, will join Willis Commercial Network as part of the transaction.
Willis’ Scottish commercial business unit focuses on small and midsize enterprises. The purchase of the unit is expected to be completed in April, subject to the satisfaction of certain conditions in the asset purchase agreement, Willis said in a statement.
Willis noted in the statement that, following a strategic review, it sold its small and medium-sized enterprise commercial account in England to WCN member Chesham Insurance Service Ltd. in 2013 and that last month Allianz Business Services Ltd. purchased Willis's micro and SME business — Businesscare — and joined WCN.
Willis Group is the third-largest insurance broker worldwide, according to Business Insurance’s latest ranking.
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.