Willis Group said it is acquiring a broker based in Mexico to boost its growth potential in a key emerging market.
The global insurance and reinsurance broker said it is snatching up Carsa Consultores. Neither side disclosed financial terms.
Plans call for eventually blending the two entities into the Willis Mexico Brand. Willis also will relocate its headquarters to Carsa’s Guadalajara operations, and will make the existing Willis Mexico City Office the home for Carsa’s actuarial and government specialties operations, according to the deal announcement.
What Willis gains: the Carsa team of 84 associates to boost its existing Willis Mexico operations. Through the acquisition, Willis Mexico also gets a larger footprint in Mexico from which to do business.
Luis Maurette, regional CEO of Willis Latin America, explained that Mexico is “a key part” of its regional growth strategy.
“Our investment there reflects our confidence in the country’s potential,” Maurette said in prepared remarks. “Carsa has a strong reputation in the Mexican market, with a culture and professional approach that aligns closely with Willis’s own values-based approach to client service.”
Meanwhile, Carsa CEO Jose Ruis Torres said his company will gain a global reach through the Willis acquisition.
“The Mexican market recognizes the global reach of Willis and its outstanding achievements in the Mexican market in recent years,” Torres said in a prepared statement.