Willis Group Holdings Ltd., a London insurance broker, announced a deal to buy the majority of the retail and all the reinsurance business of MGT Group, a Chile provider of insurance services and employee benefits to corporate clients.
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The deal, announced Friday by Willis' New York office, is expected to close this quarter. Willis did not say how much it would pay.
Last year MGT generated $4 million of revenue. Its focus on middle-market corporate accounts would complement Willis' large-account capabilities, Willis said. Willis has more than 300 offices in more than 100 countries but this would be its first in Chile.
