Property team nabs £2.5m premium account

Willis has wrestled a major property account from rival Kerry London, winning office space provider Workspace Group as a client.

Insurance Times understands that Willis’s property team recently picked up the account, thought to control a premium of around £2.5m.

The listed company, which lets office space to small and medium-sized businesses in London, controls a property portfolio of £732m, according to its most recent results for the six months to 30 September 2010.

Workspace posted a pre-tax profit of £18m in the six-month period, compared to a loss of £39.3m at the same point in 2009.

The loss comes as a fresh blow to Kerry London. Last year, it lost a chunk of business with construction giant Laing O’Rourke when the account was snatched by Marsh.

Both Willis and Workspace refused to comment.