Willis Group Holdings, the global risk advisory, re/insurance broking, and human capital and benefits firm, has today announced its agreement to acquire Elite Risk Services Limited of Taiwan.

The move almost doubles the size of Willis’s existing business in Taiwan and strengthens its client offering to larger accounts, particularly in the marine and technology, media & telecoms (TMT) sectors.

Huichih Ko, Chairman of Willis Asia, said: "Elite is a well-established and innovative business that is respected by its many clients and the wider market. This deal will strengthen our presence in Taiwan and help position us there as the global risk adviser of choice.

"Taiwan is an important market, both in Asia and globally, and we think the island’s many major companies have great potential, particularly in the TMT and marine sectors.

"For Willis Group, this is the latest chapter in a targeted acquisition strategy to seek out complementary businesses with specialist skills and strong growth prospects."

Jason Huang, Chairman and President of Elite, said: "Our merger with Willis means we will have a much bigger market platform, which will give both our colleagues and our clients more resources and support to draw on. The Taiwanese market is developing rapidly and joining one of the world’s leading insurance brokers will help us maximise our growth potential."

The transaction is subject to regulatory approval and is expected to complete in July 2015. The terms of the transaction were not disclosed.

Willis Taiwan and Elite plan to merge as soon as practicable after completion, when Elite’s 24 staff will join Willis and the Elite brand will be dissolved. Willis Taiwan currently employs 35 staff from its headquarters in Taipei.