London broker will consolidate wholesale business.
Willis has revealed plans to set up a London-based wholesale broker when it completes the acquisition of international broker Hilb, Rogal & Hobbs and its London arm, Glencairn.
The purchase is expected to be sealed by the end of this year.
Willis announced this week that Glencairn would continue to trade as a separately run London wholesale broker, with a focus on expanding its US and international business.
Glencairn chairman and chief executive Steve Hearn said: “We will maintain our ability to trade independently but at the same time we gain valuable support and infrastructure.”
Meanwhile, a separate wholesale business called Faber & Dumas will be created.
Willis president Grahame Millwater said: “As a company, we are committed to growing all available distribution channels. The Faber & Dumas platform will allow us to include other business from Willis’ existing third-party and wholesale business from Hilb, Rogal & Hobbs .”
Willis chairman and chief executive David Margrett, who will be chairman of Faber & Dumas, said: “The London wholesale broking market is fragmented and we see a huge opportunity for consolidation by creating a financially secure, well-managed business for the benefit of clients, brokers and markets.
“We believe we will become the employers of choice for speciality wholesale brokers in London.”
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