WILLIS BUYS IFG IRELAND

Insurance broker Willis Group Holdings has acquired the Irish business of IFG Group for Euro 11.5m as it seeks to build its employee benefits business. The acquired business, which trades as IFG Pensions, Investments & Advisory Services, includes a pensions consultancy and administration business, financial advisory companies and a trade credit insurance broker. Willis said that it sees potential for strong growth in the Irish benefits sector. The acquired business will be combined with Willis’ existing business in Ireland. The transaction, which is expected to complete later this year, does not include IFG Group’s general insurance business in Ireland, which trades as ARB. However, the company is in discussions to sell ARB, but details were not made public.