Willis completes $2.1 billion buy of Hilb Rogal

Insurance broker Willis Group Holdings Ltd. today completed its $2.1 billion acquisition of Hilb Rogal & Hobbs Co. New York-based Willis’s purchase of the Glen Allen, Va.-based insurance intermediary was first announced in June. As part of the agreement, Hilb Rogal shareholders could either choose to receive Willis common stock or a combination of stock and cash. Adding Hilb Rogal, Willis’ 2007 revenue expands to $3.4 billion, from $2.6 billion, and more than doubles its offices in North America to 210, from 70. Hilb Rogal, which handles employee benefits, will also help Willis raise its revenue in that field. Willis North America, the company’s retail operation, will be renamed Willis HRH and will handle the business of both firms. Leading that unit are Don Bailey as chairman and chief executive, Mike Crowley as president, and Mell Vaughan, vice chairman of Willis Group Holdings. Previously, Mr. Bailey was chief executive of Willis North America, and Mr. Crowley served as president and chief operating officer of Hilb Rogal. Mr. Vaughan was previously chairman and chief executive of Hilb Rogal.