Peruvian financial services group Credicorp subsidiary Grupo Credito has acquired 49.9% of the shares in Willis Group subsidiary Willis Peru, as a part of their strategic agreement.

The transaction will leverage Grupo Credito its insurance business in Peru and the investment is equivalent to less than 1% of Credicorp’s capital.

Further details on the terms under the transaction remain undisclosed.

Following the acquisition, Willis Peru will continue to provide independent and transparent insurance broking services and risk management advice to all of its customers in Peru.

Willis Peru has signed a commercial agreement with Credicorp to further strengthen this new relationship for the provision of affinity insurance services to certain affiliates.

Carlos Miguel Vidal Buckley has been appointed as new CEO, which is subject to regulatory clearance.

Prior to this, Carlos has earlier held a number of strategic and operational senior management positions in Credicorp group of companies and has over 18 years of experience in the insurance industry and commercial insurance broking market in Peru.

Willis Peru also named Jaime Herrera, as non-executive President where he earlier served as CEO in Wills Peru since 2005.