Willis Group Holdings has sold its wholesale broker unit, Stewart Smith Group, to North Carolina-based American Wholesale Insurance Group.
The sale follows the publication of the group's fourth quarter results, which reveal a $10m (£5.3m) net income drop after its decision to abandon contingent commission incomes.
Terms of the deal, expected to close in the first quarter, were not disclosed.
In a statement Willis chairman and chief executive Joe Plumeri said the move was part of an overall strategy to focus on retail operations.
