Willis Europe BV (“Willis”), a subsidiary of global insurance broker, Willis Group Holdings plc (NYSE:WSH), and leading Peruvian financial services group Credicorp Ltd (“Credicorp”) (NYSE: BAP), today announced that, on February 24, 2012, Grupo Credito, a subsidiary of Credicorp, acquired 49.9% of the shares in Willis Peru, a wholly-owned subsidiary of Willis.
The transaction contributes significantly to Credicorp’s strategy to expand in financial business in Peru, specifically its insurance business. The investment is equivalent to less than 1% of Credicorp’s capital. Specific terms of the transaction are not disclosed.
To further strengthen this new relationship, Willis Peru has entered into a commercial agreement for the provision of affinity insurance services to certain affiliates of Credicorp.
Willis Peru will continue to provide independent and transparent insurance broking services and risk management advice to all of its customers in Peru, developing insurance solutions with the best markets and on the best price and terms in the interests of its clients.
Carlos Miguel Vidal Buckley has been named CEO of Willis Peru, subject to regulatory clearance. Carlos joins Willis from the Credicorp group of companies where he has held a number of strategic and operational senior management positions. Overall, he has over 18 years of experience in the insurance industry and commercial insurance broking market in Peru.
Jaime Herrera, the CEO of Willis Peru since 2005, has been named non-executive President of Willis Peru.
Commenting on the strategic partnership, Sarah Turvill, Chairman of Willis International, said, “This transaction makes excellent commercial sense for Willis and Credicorp. We maintain our independence as a broker and enter a strategic relationship with Peru’s top financial services holding company to provide broking and affinity services to Credicorp’s customers.
“In today’s world, issues such as convenience, availability, channel loyalty and after sales service are increasingly important. It is no longer just the product that counts, but how, when and where it is delivered to the customer,” Turvill added. “We look forward to working closely with Credicorp and welcome Carlos, a seasoned insurance broking professional, to the helm of Willis Peru.”