$2.1 billion merger for Willis Group

Global insurance broker with local headquarters announces combination plans

Willis Group has announced plans to merge with Hilb Rogal & Hobbs Co. in a deal valued at $2.1 billion.

Through the terms of the agreement, Willis will acquire all of Hilb Rogal’s outstanding stock for $46 per share in the half-cash-half-stock deal. The merger is expected to close in the fourth quarter of fiscal 2008.

According to the announcement, the combination will roughly double the North America revenues of Willis.

The British insurance broker has its North American headquarters in Nashville. It moved here in 1991 after purchasing the brokerage Corroon & Black, which had major operations in the city and was partly owned by Ingram Industries of Nashville.

For more details on the deal, click here.