Willis Re, a North American reinsurance business of Willis Group, has signed an agreement to acquire the assets of SurePoint Reinsurance Advisors, for an undisclosed amount.
SurePoint is a professional advisory and reinsurance broking firm, which offers specialist services to insurance companies in the employee benefit market, specifically the accident and health (A&H) sector.
The acquisition will allow Willis Re to expand its services in the growing A&H market within North America.
Reinsurance industry executives Jim Fallon, Mike Lachance and Rob Fast had established SurePoint in 2005.
The SurePoint team, who will become Willis employees, will continue to work under the leadership of Jim Fallon, Mike Lachance and Rob Fast.
Willis Re North America CEO Jim Bradshaw said that SurePoint has a very impressive track record in the specialized 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," Bradshaw added.
The deal is slated to be completed in the late third or early fourth quarter of 2014.
SurePoint Reinsurance Advisors executive vice president Mike Lachance said: "Over the past ten years, SurePoint has successfully utilized analytical tools, metrics and complex analysis to help clients meet their financial objectives."
Image: Willis Re to acquire SurePoint SurePoint Reinsurance Advisors. Photo: courtesy of Chaiwat/ FreeDigitalPhotos.net.